PHILLIPS EDISONÐARC BUYS 11 SHOPPING CENTERS FOR $156M
CINCINNATI —Phillips Edison–ARC Shopping Center REIT Inc. has acquired 11 grocery-anchored shopping centers located throughout the U.S. for $156 million. The acquisition include a seven-property portfolio of Walmart Supercenter-anchored shopping centers located in Ohio, Michigan and Indiana; Southgate Shopping Center in Des Moines, Iowa; Sterling Pointe Shopping Center in Lincoln, Calif.; Arcadia Plaza in Phoenix; and Stop & Shop Plaza in Enfield, Conn. The properties total 1.3 million square feet. The acquisitions added two new states to the company’s portfolio, Michigan and Connecticut, as well as a new grocery anchor, Stop & Shop. Cincinnati-based Phillips Edison–ARC Shopping Center REIT’s portfolio now includes interests in 83 shopping centers anchored by 28 grocers in 23 states.