Non-traded REIT, Phillips Edison-ARC Shopping Center REIT, announced yesterday that it acquired 20 grocery-anchored shopping centers in the second quarter of 2014. Formed in 2009, the REIT closed its primary offering in February 2014.
The new additions bring the company’s portfolio to a total of 120 properties in 27 states, anchored by 37 leading grocery store brands. The 20 second quarter acquisitions mark the company’s first properties located in Massachusetts, Nevada, Tennessee, and Washington and expand its presence in seven other states, which includes Florida, Georgia, Kentucky, Pennsylvania, Virginia, South Carolina, and Texas.
“We are excited about the acquisitions we made in the second quarter, and the expansion of our portfolio to include new states and new leading grocers. We also committed all of the net equity proceeds raised in our initial public offering during the second quarter, and we are making significant progress getting that equity into the ground,” commented Jeff Edison, Chairman of the Board and Chief Executive Officer.
The aggregate purchase price of the properties is $315 million and they have added approximately 2.1 million square feet to the company’s portfolio. Overall, the REIT now owns 12.6 million square feet valued over $1.8 billion.
The second quarter acquisitions include:
- Kirkwood Market Place, anchored by Sprouts in Houston, Texas
- Hampton Village, anchored by Publix in Taylors, South Carolina
- Southwest Marketplace, anchored by Smith’s Food and Drug in Las Vegas, Nevada
- Hamilton Village, anchored by Walmart Supercenter in Chattanooga, Tennessee
- Waynesboro Plaza, anchored by Martin’s in Waynesboro, Virginia
- Fairview Plaza Shopping Center, anchored by Giant in New Cumberland, Pennsylvania
- Townfair Center, anchored by Giant Eagle in Indiana, Pennsylvania
- Cushing Plaza, anchored by Shaw’s in Cohasset, Massachusetts
- Shaw’s Plaza, anchored by Shaw’s in Easton, Massachusetts
- Shaw’s Plaza, anchored by Shaw’s in Hanover, Massachusetts
- Hannaford Bros. Plaza, anchored by Hannaford in Waltham, Massachusetts
- 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
- Orchards Shopping Center, anchored by Rosauers in Yakima, Washington
- Lovejoy Village, anchored by Kroger in Jonesboro, Georgia
- 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