REIT BUYS TWO SHOPPING CENTERS FOR $31.1M

AUGUSTA, GA., AND SARASOTA, FLA. — Phillips Edison-ARC Shopping Center REIT has acquired the 178,167-square-foot Richmond Plaza, located in Augusta, for $19.5 million and the 65,320-square-foot Publix at Northridge, located in Sarasota, for $11.6 million. Publix anchors both centers, which were acquired through the REIT's PECO-ARC Institutional Joint Venture I.