Thank you for sharing!

Your article was successfully shared with the contacts you provided.

(Ian Ritter is national online editor for GlobeSt.com/RETAIL.)

NEW YORK CITY-New Plan Excel has sold 15 neighborhood and community shopping centers to Phillips Edison & Co. for $68.5 million. The assets, located in 10 states, are mostly in the Southeast and are not part of locally based New Plan’s core portfolio.

New Plan’s management says it will use the proceeds to pay for general corporate purposes, including the payment of debt on its $350-million revolving credit facility. The company will record a real estate impairment of one cent per share in the fourth quarter as a result of the transaction. New Plan executive will release the deal’s capitalization rate with its Q4 earnings on Feb. 22.

The centers range in size from the 59,407-sf Cloverdale Village, in Florence, AL; to the 195,781-sf D&F Plaza, in Dunkirk, NY. Chains that are anchors at multiple centers involved in the deal include, Big Lots, Kmart and Winn-Dixie.

John Bessey, vice president of acquisitions tells GlobeSt.com of Baltimore-based Phillips Edison that the majority of the assets were grocery anchored, which is a typical investment requirement for theinvestment fund.

The acquisition fits in with Phillips Edison’s strategy of picking off non core assets from companies that are realigning a core portfolio, he adds. “As New Plan Excel adjusts its core portfolio we are an excellent choice as a buyer for those non core assets. That has been an important acquisition strategy of ours.”

Baltimore-based Phillips Edison has been on a buying streak of late. Since September it has acquired six centers across the country. The company owns about 130 retail assets in 25 states.

In 2006 Phillips Edison has acquired $304 million. Next year, he says, the company is looking to place an additional $450 million.

New Plan sold six centers during its most recently-reported quarter, which ended on Sept. 30, for $22.2 million. The company, which owns 461 shopping centers, bought three assets during that period for $64.4 million.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?



Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt
Live Chat

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.