Phillips Edison-ARC Shopping Center REIT Inc. Acquires 11 Shopping Centers
Phillips Edison-ARC Shopping Center REIT Inc. (the Company) announced yesterday that during the month of December 2013, it acquired 11 grocery-anchored shopping centers. The new acquisitions bring some firsts for the public, non-traded REIT, including its first acquisitions in Michigan and Connecticut and also its first shopping center anchored by a Stop & Shop.
Jeff Edison, Chairman and CEO of the Company commented, “We doubled our acquisition velocity in the fourth quarter and wrapped up 2013 with the addition of a solid roster of high quality properties to our portfolio. Based on our strong acquisition pipeline and expanded financing capacity under our new credit facility, we believe this pace will continue in the first half of 2014.”
The December acquisitions include seven Walmart Supercenter shopping centers, which are located throughout Ohio, Michigan, and Indiana; Southgate Shopping Center in Des Moines, Iowa; Sterling Pointe Shopping Center in Lincoln, California; Arcadia Plaza in Phoenix, Arizona; and Stop & Shop Plaza in Enfield, Connecticut. With an aggregate purchase price of $156 million, the acquisitions resulted in the addition of approximately 1.3 million square feet to the Company’s portfolio.
The addition of these acquisitions brings the Company’s portfolio count to 83 shopping centers anchored by 28 leading grocers in 23 states. Of these, 25 were acquired in the fourth quarter. The Company’s portfolio now totals approximately 8.7 million square feet. The offering is closed to all new investments.
