CORVALLIS, OR-Phillips Edison–ARC Shopping Center REIT Inc. has acquired Sunset Center, a 164,797 square foot shopping center anchored by a Safeway grocery store here. The acquisition of Sunset Center brings the company’s total portfolio to 41 properties with 15 leading grocers in 16 states, with a portfolio aggregate purchase price of approximately $518.5 million. Corvallis is the home to Oregon State University which enrolls over 26,000 students a year.
Phillips Edison-ARC is a public non-traded REIT focused on the acquisition and management of well-occupied grocery-anchored neighborhood shopping centers throughout the United States.
Sunset Center is 93.8% occupied and anchored by a 54,971 square foot Safeway grocery store, which is on a long-term lease. Safeway is the No. 1 grocer by market share in the Corvallis market. When combined with the Safeway lease, 71% of the rents within the shopping center come from national tenants.
Phillips Edison-ARC Shopping Center REIT Inc., based in Cincinnati, seeks to acquire and manage well-occupied grocery-anchored neighborhood shopping centers having a mix of national and regional retailers selling necessity-based goods and services, in strong demographic markets throughout the United States. The REIT is co-sponsored by two industry leaders: Phillips Edison & Company, who has acquired over $2.3 billion in shopping centers throughout the United States, and AR Capital, LLC, a real estate investment program sponsor dedicated to governance best practices. As of June 5, Phillips Edison-ARC owned, directly or indirectly through a joint venture in which it has a controlling interest, and managed an institutional quality retail portfolio consisting of 41 grocery-anchored shopping centers totaling 4,111,726 square feet.