Public, non-traded grocer focused REIT Phillips Edison Grocery Center REIT II recently announced several administrative updates including a new advisory agreement, a board member’s resignation, and an offering termination trigger.
According to a recent filing, on January 22, 2015, the REIT entered into a new advisory agreement with American Realty Capital PECO II Advisors (ARC PECO II), a company wholly owned by AR Capital, LLC. The agreement is a one year extension of previous short term and long term agreements. A prospectus dated November 2013 indicates that ARC PECO II has been the advisor since the REIT’s launch.
William Kahane resigned as a member of the REIT’s board of directors of which he had served since August 2013. According to the filing, “Mr. Kahane’s decision to resign was not the result of any disagreement with the Company [the REIT].”
Lastly, Phillips Edison Grocery Center REIT II expects to terminate its initial public offering by June 30, 2015 or upon receiving $1.6 billion in subscription sales.
Through the end of September 30, 2014, the REIT had raised over $425 million.