Phillips Edison-ARC Shopping Center REIT Simplifies Advisory Relationship with AR Capital

Phillips Edison – ARC Shopping Center REIT, a non-traded REIT sponsored by AR Capital and Phillips Edison, is simplifying its advisory relationship.

American Realty Capital II Advisors resigned as advisor, a move which Phillips Edison’s board of directors accepted, in addition to accepting the resignation of board member Bill Kahane. Mr. Kahane served as one of the REIT’s directors since 2009 and is a co-founder of AR Capital, LLC.

The company changed its name to Phillips Edison Grocery Center REIT I, Inc. and entered into a new one-year advisory agreement with, Phillips Edison NTR LLC, which is the REIT’s former sub-advisor and a subsidiary of Phillips Edison.

“The Company has completed its equity raise and deployed all of the net proceeds raised during its initial public offering. Given the evolution of the non-traded REIT life cycle, simplifying the advisory relationship was the next natural step towards an eventual liquidity event,” commented Mr. Kahane.

“We appreciate the support of AR Capital and its efforts to get us here,” added Jeff Edison, Chairman and CEO of the company and Principal of Phillips Edison. “Our focus has shifted from raising and deploying capital to operating our properties. We believe consolidating the advisory structure under Phillips Edison will strengthen that focus as we prepare for an eventual liquidity event,” he said.

As of December 4, 2014, Phillips Edison Grocery Center REIT I boasted a retail portfolio of 136 grocery-anchored shopping centers with a total of approximately 14.5 million square feet. Declared effective in August 2010, the REIT ceased offering shares of common stock in its primary offering in February, 2014.