Phillips Edison Buys Six East Coast Centers

The closing represents the second phase of locally based Phillips' purchase in a portfolio of 63 DDR properties, totaling 5.7 million sf, for $603 million. The first transaction of 52 properties was completed in June, completed in June, as reported by GlobeSt.com. Five additional shopping centers will be acquired in the near future to complete the deal.

The price isn't being released, but sources say the largest property, the 100%-occupied , Home Depot-anchored Thompson Square Mall in Monticello, NY, went for $24.5 million. The rest of the properties included the 54,319-sf Bi-Lo Center in Ashville, NC; the 159,429-sf Eastridge Crossing in Hendersonville, NC; the 59,204-sf North Aiken Bi-Lo Center in Aiken, SC; the 63,937-sf Redbud Commons in Gastonia, NC and the 162,879-sf University Plaza in Amherst, NY.

"We are very excited to complete the second phase of our largest acquisition to date," said Mike Phillips, president of Phillips Edison, in a statement. "Historically, we have doubled our holdings every three years. The purchase of this portfolio accelerates that pace significantly, andputs us well ahead of schedule for achieving our growth objectives. We have completed our current investment fund 13 months earlier than projected, and are in the process of establishing our next fund for additional acquisitions." A Phillips spokesman could not be reached for comment.

Scott Wolstein, chairman and CEO of the company, said in a statement that the sale is consistent with a strategy of disposing of assets that no longer fit an investment profile or no longer offer growth. "Consistent with our original financing plans, this strategic disposition, coupled with the recent formation of DDR Domestic Retail Fund I, has enabled us to repay over $1.5 billion of bridge financing associated with the IRRETI acquisition."