CINCINNATI - Phillips Edison-ARC Shopping Center REIT Inc. acquired Fairlawn Town Centre, a 348,255 square foot shopping center located in Fairlawn, OH.
The acquisition of brings the firm's total portfolio to 33 properties with 13 leading grocers, in 15 states, with an aggregate purchase price of about $409.7 million.
Fairlawn Town Centre is 95% occupied and anchored by a 95,144 square foot Giant Eagle grocery store which is on a long term lease through June 2025. Giant Eagle is the No. 1 grocer by market share in the Greater Akron Metro Area. When combined with the Giant Eagle lease, 69% of the rents within the shopping center come from national tenants.
Phillips Edison-ARC Shopping Center REIT Inc. is a public non-traded REIT focused on the acquisition and management of well-occupied grocery-anchored neighborhood shopping centers throughout the United States. It is co-sponsored by Phillips Edison & Co. and AR Capital LLC.
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