Phillips Edison & Company Inc. (PECO), an internally-managed real estate investment trust that invests in grocery-anchored shopping centers, has purchased Naperville Crossings, a 146,600-square-foot shopping center in the Chicago suburb of Naperville, Illinois. The purchase price was approximately $49.9 million.
Naperville Crossings is anchored by a newly constructed, 21,820-square-foot ALDI grocery store, and also includes national and local retailers such as AT&T, Orangetheory Fitness, Panera Bread, Starbucks, among others.
“Naperville Crossings exemplifies our strategy of acquiring well-located shopping centers in markets supported by strong long-term economic fundamentals,” said David Wik, senior vice president of acquisitions at PECO. “The property is located in a vibrant and growing neighborhood, which is experiencing a surge of development with more than 800 new residential units expected to be delivered in the immediate area over the next few years – including 58 high-end apartments directly adjacent to the shopping center.”
In other recent news, the REIT increased its estimated net asset value per share to $11.10 as of March 31, 2019. This represents a 0.5 percent increase compared to the company’s previous NAV per share of $11.05 as of March 31, 2018.
Phillips Edison & Company Inc. (formerly known as Phillips Edison Grocery Center REIT I Inc.) is one of the nation’s largest owners and operators of grocery-anchored shopping centers. The company manages a portfolio of 338 properties, including 300 wholly-owned properties totaling approximately 34.1 million square feet across 32 states, as of March 31, 2019. The company’s offering was declared effective by the SEC in August 2010 and raised approximately $1.8 billion in investor equity before closing in February 2014.