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Phillips Edison buys grocery-anchored center
Cincinnati — Phillips Edison-ARC Shopping Center REIT has acquired Paradise Crossing, a 67,470-sq.-ft. shopping center anchored by a Publix grocery store.
Located in Lithia Springs, Ga., a suburb of Atlanta, Paradise Crossing is 93.7% occupied. When combined with the Publix lease, 64% of the rents for the center derive from national tenants.
The acquisition brings the REIT’s portfolio to 50 grocery-anchored properties, with an aggregate portfolio purchase price of approximately $729.6 million. -
CBL appoints new board of directors member
New York -- CBL & Associates Properties has announced the appointment of A. Larry Chapman to its board of directors.
Chapman is a retired 37-year veteran of Wells Fargo. He most recently served as group head of the bank’s commercial real estate lending business, responsible for the group’s 75 nationally located real estate loan production offices and 1,500 full time employees.