MIAMI—After a busy 2013, Phillips Edison–ARC Shopping Center REIT hasn't slowed down on the retail acquisition front. The industry behemoth has snapped up 15 grocery-anchored shopping centers since the end of last year.
The total price for all of the retail acquisitions combined is $261 million. The deals add about 1.6 million square feet to the company's shopping center portfolio. The company's portfolio includes interest in 98 shopping centers anchored by 31 leading grocers across 23 states.
“We are very pleased to acquire these grocery-anchored shopping centers, as they further diversify our portfolio by geography, grocery anchor, industry, lease expirations and credit,” says Jeff Edison, chairman and CEO of Phillips. “Our acquisitions velocity continues to grow as our acquisitions team harvests opportunities in our pipeline.”
The grocery-anchored shopping center acquisitions expand the company's presence in eight states: Georgia; Florida; Illinois; Kentucky; North Carolina; Texas; Virginia; and Wisconsin. The retail acquisitions also added three new grocery anchors to Philips' portfolio: Market Street, Martin's; and Sweetbay.
The acquisitions include: Fair Acres Shopping Center, anchored by Pick 'n Save in Oshkosh, Wisconsin; Savoy Plaza, anchored by Schnucks in Savoy, Illinois; The Shops of Uptown, anchored by Trader Joe's in Park Ridge, Illinois; Chapel Hill North, anchored by Harris Teeter in Chapel Hill, North Carolina; a portfolio of two Martin's grocery store anchored shopping centers in Winchester, Virginia; Coppell Market Center, anchored by Market Street in Coppell, Texas; Harrison Pointe, anchored by Harris Teeter in Cary, North Carolina; Villages at Eagles Landing, anchored by Publix in Stockbridge, Georgia; Hurstbourne Townfair, anchored by Walmart Supercenter in Louisville, Kentucky; and a portfolio of five properties in Georgia and Florida comprised of three Publix grocery store anchored shopping centers, one Kroger grocery store-anchored shopping center, and one Sweetbay grocery store-anchored shopping center.
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