PHILIPS BUYS GIANT EAGLE-ANCHORED SHOPPING CENTER FOR $10.6M

GIBSONIA, PA. — Philips Edison – ARC Shopping Center REIT Inc. has acquired Northtowne Square, a 113,327-square-foot shopping center in Gibsonia, for $10.6 million. The center is fully occupied and anchored by an 86,477-square-foot Giant Eagle grocery store, which has 12 years remaining on its lease. Recently, Petco signed a 10-year lease at the property for 9,000 square feet. The acquisition brings Philips Edison's total portfolio to 14 properties.