SEC Declares Phillips Edison Grocery Center REIT III IPO Effective
Phillips Edison Grocery Center REIT III Inc., a publicly registered non-traded real estate investment trust sponsored by Phillips Edison & Company and Griffin Capital Company, announced that the registration statement for its initial public offering has been declared effective by the Securities and Exchange Commission.
Phillips Edison Grocery Center REIT III Inc., a publicly registered non-traded real estate investment trust sponsored by Phillips Edison & Company and Griffin Capital Company, announced that the registration statement for its initial public offering has been declared effective by the Securities and Exchange Commission.
Phillips Edison Grocery Center REIT III will offer up to $1.7 billion in Class T and Class I common stock and plans to invest in grocery-anchored neighborhood and community shopping centers leased to a mix of national and regional credit-worthy tenants that provide necessity-based goods and services in strong demographic markets throughout the United States.
Class T shares are priced at $10.42 each and include a 3 percent selling commission, a 3 percent dealer manager fee and an annual 1 percent stockholder servicing fee. Class I shares are priced at $10.00 each and include a 1.5 percent dealer manager fee.
For sales of Class T shares, two-thirds of the dealer manager fee will be funded by the advisor, PECO-Griffin REIT Advisor LLC, and the remainder will be funded by the REIT. For sales of Class I shares, the entire dealer manager fee will be funded by the advisor.
Griffin Capital Securities LLC serves as the dealer manager for the offering.
The company’s current portfolio consists of four properties located in three states totaling 381,000 leasable square feet. According to the company’s prospectus, the properties were purchased for a combined $53.4 million using proceeds from a private placement offering that launched in October 2016 and raised a total of $56.8 million in investor equity.
Phillips Edison is a real estate company specializing in owning and operating grocery-anchored shopping centers and currently manages 341 shopping centers totaling approximately $6.3 billion.
Griffin Capital is an alternative investment asset manager with approximately $10.3 billion in assets under management.
