Non-traded REIT, Phillips Edison-ARC Shopping Center REIT, announced yesterday that it completed the acquisitions of four grocery-anchored shopping centers.
The acquisitions, which have an aggregate purchase price of approximately $73 million, include:
- Burbank Plaza, anchored by Jewel-Osco in Burbank, Illinois
- Hamilton Village, anchored by Walmart Supercenter in Chattanooga, Tennessee
- Statler Square, anchored by Kroger in Staunton, Virginia
- Waynesboro Plaza, anchored by Martin’s in Waynesboro, Virginia
The properties have added approximately 736,000 square feet to the Company’s portfolio, which now consists of 102 properties located in 24 states and leased to 31 leading grocery store anchors.
With these new acquisitions and the properties the Company has contracted to acquire, the REIT has used all of the net equity proceeds raised from its initial public offering. The offering is closed to new investors and the company plans to use moderate leverage to continue acquiring grocery-anchored shopping centers.
“Increasing the size of our portfolio to over 100 properties and committing all of the net equity proceeds raised in our initial public offering represent two important milestones for the Company,” commented Jeff Edison, Chairman of the Board and Chief Executive Officer.
Co-sponsored by Phillips Edison and AR Capital, the REIT seeks to acquire and manage well-occupied grocery-anchored neighborhood shopping centers that have a mix of national and regional retailers that sell necessity-based goods and services, in strong demographic markets throughout the U.S.
Through its initial public offering, the REIT raised about $1.74 billion in investor capital.