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CINCINNATI, FORT SMITH, ARK. — Phillips Edison's Strategic Investment Fund I has closed two CMBS loans totaling $94.5 million. The 10-year loans are secured by shopping centers in Cincinnati and Fort Smith. The Cincinnati property is Bridgewater Falls, a 600,000-square-foot center anchored by Target, JCPenney and Dick's Sporting Goods. Fort Smith Pavillion in Fort Smith is a 400,000-square-foot shopping center anchored by Target and Dick's Sporting Goods. Both properties are more than 95 percent occupied.