CINCINNATI—Phillips Edison-ARC Shopping Center REITInc. has just acquired another four grocery-anchoredshopping centers, and now owns more than 100 similar centers acrossthe US. In addition, with these acquisitions plus the propertiesthe company has under contracts, it has committed all of the netequity proceeds raised in its initial public offering.Phillips Edison & Company and ARCapital, LLC sponsor the Cincinnati-based company.
“We always believed that grocery-anchored centers are verystrong investments,” Jeff Edison, chairman andchief executive officer, tells GlobeSt.com. “It goes back to thefounding principle of our company. It's a bit corny-sounding, butpeople always need to eat.”
Therefore, the company acquires centers with the #1 or #2grocers in their particular market, a strategy that resulted in aportfolio that is “countercyclical,” Edison adds. In fact, saleswithin these centers increased during the recession.
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
