Phillips Edison-ARC Shopping Center REIT (Phillips Edison-ARC or the Company), a public, non-traded REIT, announced recently that it has acquired three new grocery-anchored shopping centers. This increases the company’s number of acquisitions in the fourth quarter to 14. The three centers are scattered across the U.S. with one being in Maryland, one in Colorado, and one in Minnesota.
Collington Plaza is located in Bowie, Maryland where it has convenient access to both Washington D.C. and Baltimore. It is anchored by a Giant grocery store, which is the number one grocer by market share in the greater Washington D.C. metropolitan area. Other national tenants in the 121,915 square foot shopping center include the UPS Store, Sally Beauty, and Game Stop. In the Company’s portfolio, this is the first shopping center to be anchored by a Giant grocery store.
Golden Town Center is 16 miles west of Denver, Colorado in the town of Golden. The 117,882 shopping center is anchored by a King Snoopers grocery store. King Snoopers is the number one grocer in the Denver metropolitan statistical area. Other tenants in the center include JP Morgan Chase, and H&R Block.
Northstar Marketplace is a 96,356 square shopping center located in the Minneapolis-St. Paul suburb of Ramsey, Minnesota. The center is anchored by a Coborn’s grocery store, which is a leading grocer in the area and also has its own brand of fuel stations. Some of the center’s other national tenants include Subway, Verizon, and Caribou Coffee.
With the addition of these acquisitions, Phillips Edison-ARC’s portfolio is now comprised of 72 properties in 21 states, anchored by 27 different leading grocers. The aggregate portfolio purchase price is approximately $1.1 billion.