Phillips Edison-ARC Shopping Center REIT announced today that it has added 15 grocery-anchored shopping centers to its portfolio since the end of 2013. In addition to expanding the company’s presence to eight more states, the acquisitions also added three new grocers to the company’s portfolio.
Thanks to the new acquisitions, the REIT now has properties in Georgia, Florida, Illinois, Kentucky, North Carolina, Texas, Virginia, and Wisconsin, making a total of 23 states. Its grocery anchors now include Martin’s, Sweetbay, and Market Street, increasing their total to 31 leading grocers.
Jeff Edison, Chairman and CEO of the company, commented, “We are very pleased to acquire these grocery-anchored shopping centers, as they further diversify our portfolio by geography, grocery anchor, industry, lease expirations and credit. Our acquisitions velocity continues to grow as our acquisitions team harvests opportunities in our pipeline.”
The 15 properties have an aggregate purchase price of $261 million and have added 1.6 million square feet to the REIT’s portfolio.
Phillips Edison-ARC Shopping Center REIT is co-sponsored by Phillips Edison & Company and AR Capital. It seeks to invest in well-occupied grocery-anchored shopping centers. It is closed to all new investments.