Phillips Edison-ARC Shopping Center REIT buys 11 centers in Q3
Cincinnati - Phillips Edison–ARC Shopping Center REIT Inc. acquired 11 grocery-anchored shopping centers during third quarter 2014. The company's portfolio now consists of 131 properties located in 27 states and leased to 38 leading grocery store anchors.
The 11 grocery-anchored shopping centers acquired during the third quarter to date expanded the company's presence in 10 states: California, Colorado, Florida, Georgia, Massachusetts, Michigan, North Carolina, Ohio, South Carolina and Tennessee.
The acquisitions included: Lynwood Place, anchored by Kroger in Jackson, Tennessee; Foot Hills Center, anchored by Safeway in Lakewood, Colorado; Thompson Valley Towne Center, anchored by King Soopers in Loveland, Colorado; Battle Ridge Pavilion, anchored by Kroger in Marietta, Georgia; Lumina Commons, anchored by Harris Teeter in Wilmington, North Carolina; Driftwood Village, anchored by Food 4 Less in Ontario, California; French Golden Gate, anchored by Publix in Bartow, Florida; Orchard Square, anchored by Kroger in Washington Township, Michigan; Palmetto Pavilion, anchored by Publix in North Charleston, South Carolina; Trader Joe's Center, anchored by Trader Joe's in Dublin, Ohio; and Five Town Plaza, anchored by Big Y, in Springfield, Massachusetts.
The aggregate purchase price for all of the acquisitions totaled approximately $165 million and the acquisitions resulted in the addition of approximately 1.3 million-sq.-ft. to the company’s portfolio. These acquisitions bring the aggregate purchase price for the entire portfolio to approximately $2 billion. The portfolio now includes approximately 13.9 million-sq.-ft. of gross leasable area.
"We are pleased to announce that with these 11 new acquisitions, we have fully deployed all of the net equity proceeds raised in our initial public offering,” said Jeff Edison, chairman of the board and CEO. “We plan to continue to acquire properties that meet our investment criteria using moderate leverage."