CLEVELAND-Cincinnati-based Phillips Edison-ARC Shopping Center REIT Inc. has bought a 157,000-square-foot shopping center named Brook Park Plaza in Brook Park, Ohio. Albrecht Inc. was the seller of the retail center. An 82,000-square-foot Giant Eagle grocery store is the anchor tenant of the property with Fresenius Medical Services and Goodwill as other tenants.
The buyer is a public non-traded REIT co-funded by AR Capital L.L.C. and Phillips Edison & Co. With this acquisition, the firm now owns 22 retail properties. For the full story, go to Commercial Property Executive .
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