Phillips Edison acquires Bridgewater Falls

Cincinnati Phillips Edison's Strategic Investment Fund said Tuesday it has acquired Bridgewater Falls, a 600,000-sq.-ft. regional shopping center located in Fairfield Township, Ohio.

The shopping center, which is anchored by TJ Maxx, Best Buy, Bed Bath & Beyond, Pet Smart, Dick's Sporting Goods, Michaels and Target, was acquired with all cash.

"This is a significant purchase not only due to the fact that it is one of the few REO assets to close this year but also because very few companies have the ability to close something of this magnitude at a time of severe market contraction," says David Birdsall, chief development officer for Phillips Edison.

The nearly 54 acres sold also includes ground leases to J.C. Penney, Chili's, Max & Erma's and Huntington Bank.