CINCINNATI — Phillips Edison–ARC Shopping Center REIT Inc. has acquired 15 grocery-anchored shopping centers for $261 million since the beginning of the year. The acquisitions added approximately 1.6 million square feet to Phillips Edison-ARC’s portfolio.
The shopping centers expanded the REIT's presence in eight states: Georgia, Florida, Illinois, Kentucky, North Carolina, Texas, Virginia and Wisconsin. The acquisitions also added three new grocery anchors to the portfolio: Market Street, Martin's and Sweetbay.
Including this acquisition, Phillips Edison-ARC's portfolio consists of interests in 98 shopping centers anchored by 31 leading grocers located in 23 states.
“We are very pleased to acquire these grocery-anchored shopping centers, as they further diversify our portfolio by geography, grocery anchor, industry, lease expirations and credit,” says Jeff Edison, chairman and CEO of Phillips Edison-ARC Shopping Center REIT. “Our acquisitions velocity continues to grow as our acquisitions team harvests opportunities in our pipeline.”
The acquisitions include:
· Fairacres Shopping Center, anchored by Pick 'n Save in Oshkosh, Wis.
· Savoy Plaza, anchored by Schnucks in Savoy, Ill.
· The Shops of Uptown, anchored by Trader Joe's in Park Ridge, Ill.
· Chapel Hill North, anchored by Harris Teeter in Chapel Hill, N.C.
· a portfolio of two Martin's grocery-anchored shopping centers in Winchester, Va.
· Villages at Eagles Landing, anchored by Publix in Stockbridge, Ga.
· Coppell Market Center, anchored by Market Street in Coppell, Texas
· Harrison Pointe, anchored by Harris Teeter in Cary, N.C.
· Hurstbourne Townfair, anchored by Walmart Supercenter in Louisville, Ky.
· five properties in Georgia and Florida comprised of shopping centers anchored by Publix, Kroger and Sweetbay
Phillips Edison-ARC Shopping Center REIT is a public non-traded REIT that seeks to acquire and manage well-occupied grocery-anchored neighborhood shopping centers having a mix of national and regional retailers. As of Dec. 31, 2013, the REIT reported its leased portfolio had an occupancy rate of 94.7 percent.
The REIT is co-sponsored by Phillips Edison & Co., which has acquired more than $3.25 billion in shopping centers throughout the United States, and AR Capital LLC, a real estate investment program sponsor.
— John Nelson