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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. -
Lumber Liquidators announces new DCs
Toano, Va. -- Lumber Liquidators announced the next phase in its multi-year supply chain optimization initiative with the planned construction of a new distribution center in Henrico County, Va., and the leasing of a new West Coast distribution center in Pomona, Calif.