Phillips Edison forms $4 billion grocery-focused REIT
Phillips Edison, one of the nation’s largest owners and operators of grocery-anchored shopping centers, has formed a new $4 billion REIT focused on this still-growing sector of physical retail.
The Phillips Edison Grocery Center REIT I was formed with the acquisition of certain real estate assets and third-party management businesses of its former sponsor and external advisor, Phillips Edison Limited Partnership.
The new enterprise will manage a portfolio of 235 centers across 32 states, representing more than 26 million sq. ft. of retail space.
“This strategic acquisition allows us to benefit from one of retail real estate’s most comprehensive and successful operating platforms, which was built over the past 25 years,” said chairman and CEO Jeff Edison in an official company statement. “We are now better able to capitalize on growth in the grocery-anchored shopping center industry by gaining scale through our portfolio [and] our asset management business.”
Necessity-based centers, the company noted, “have proven to be both Internet and recession resilient.”
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The Phillips Edison Grocery Center REIT I was formed with the acquisition of certain real estate assets and third-party management businesses of its former sponsor and external advisor, Phillips Edison Limited Partnership.
The new enterprise will manage a portfolio of 235 centers across 32 states, representing more than 26 million sq. ft. of retail space.
“This strategic acquisition allows us to benefit from one of retail real estate’s most comprehensive and successful operating platforms, which was built over the past 25 years,” said chairman and CEO Jeff Edison in an official company statement. “We are now better able to capitalize on growth in the grocery-anchored shopping center industry by gaining scale through our portfolio [and] our asset management business.”
Necessity-based centers, the company noted, “have proven to be both Internet and recession resilient.”
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