Non-traded REIT, Phillips Edison-ARC Shopping Center REIT announced yesterday that it acquired 12 properties during the month of May. In keeping with the company’s focus, all properties are grocery-anchored shopping centers.
The 12 shopping centers are located in six states and include the company’s first property located in Nevada. The acquisitions bring the REIT’s total portfolio to 114 properties located in 25 states and anchored by 32 leading grocery stores. They also add approximately 1.1 million square feet to the REIT’s portfolio, bringing its total to around 12 million square feet of gross leasable area.
The properties were bought for an aggregate purchase price of approximately $186 million, which puts the aggregate purchase price for the company’s entire portfolio at more than $1.7 billion.
“Now that we have committed the remaining net equity proceeds raised in our initial public offering, we are focused on closing on properties and continuing to build our portfolio using modest leverage,” explained Jeff Edison, Chairman of the Board and Chief Executive Officer. “We are pleased to add these 12 high-quality properties to our portfolio.”
Phillips Edison-ARC Shopping Center REIT is co-sponsored by Phillips Edison and AR Capital. Its initial public offering is closed and has raised approximately $1.76 billion in investor capital.
The properties acquired during May include:
- Kirkwood Market Place, anchored by Sprouts in Houston, Texas;
- Hampton Village, anchored by Publix in Taylors, South Carolina;
- Fairview Plaza Shopping Center, anchored by Giant in New Cumberland, Pennsylvania;
- Townfair Center, anchored by Giant Eagle in Indiana, Pennsylvania;
- Southwest Marketplace, anchored by Smith’s Food and Drug in Las Vegas, Nevada;
- Central Station, anchored by Kroger in Louisville, Kentucky;
- Park View Square, anchored by Winn-Dixie in Miramar, Florida;
- St. John’s Commons, anchored by Winn-Dixie in Jacksonville, Florida;
- Deerwood Lake Commons, anchored by Publix in Jacksonville, Florida;
- Heath Brook Commons, anchored by Publix in Ocala, Florida;
- West Creek Commons, anchored by Publix in Coconut Creek, Florida;
- Broadway Promenade, anchored by Publix in Sarasota, Florida