ATLANTA-Phillips Edison-ARC Shopping Center REIT Inc. reports it has purchased six grocery-anchored shopping centers in the greater Atlanta area for $60.5 million.
The transaction involves approximately 507,668 sf of retail space. The portfolio is anchored by five Kroger grocery stores and one Publix grocery store. This acquisition brings the Cincinnati, OH-based company’s total portfolio to 32 properties with 13 leading grocers as tenants in 15 states with an aggregate purchase price of approximately $367.5 million.
“We are extremely pleased to have closed this portfolio in the Greater Atlanta Metro Area,” states Jeffrey Edison, co-chairman of the board and CEO of Phillips Edison-ARC Shopping Center REIT. “We believe in the strength of the grocery-anchored shopping center model and feel that these acquisitions further enhance the strength of our portfolio by adding strong, credit-worthy tenants such as Kroger and Publix.”