Members of Aegis's board of directors hired investment advisor Robertson Stephens Inc. in 2001 to survey options for the sale of the company and its assets. With the completion of the transaction, Phillips has supplemented its portfolio by 3.1 million sf, bringing its total holdings to 8 million sf.

According to Phillips vice president of acquisitions Nate Tower, the properties are located in 14 states throughout the country including Alabama, Arizona, California, Florida, North Carolina, Oregon, Tennessee and Virginia.

"The Aegis portfolio offered an exceptional opportunity for us to pursue our nationwide expansion," company principal Jeffrey Edison said in a prepared statement. "Like our existing holdings, the Aegis properties are well-located, supermarket-anchored centers, sharing many of the anchors with whom we already have strong relationships. The properties are ideal additions to our portfolio."

As for Phillips' acquisition strategy from here on out, the company's closing on deals the size of the Aegis portfolio acquisition could happen again. "We are a growth-oriented company, and this is just one of the projects we're involved in," Tower tells GlobeSt.com. "Smaller assets are really our bread and butter, but we are still interested in larger purchases such as the Aegis acquisition.