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BLUE ASH, OH-Locally based Phillips Edison – ARC Shopping Center REIT has finished its first purchases for the PECO-ARC Institutional Joint Venture, contributing five grocery-anchored shopping centers it has purchased in Virginia, Ohio, Florida, South Carolina and Florida for $47.1 million. The venture, partnered with London-based CBRE Global Multi Manager Group, intends to invest $109 million to acquire about $218 million of these centers throughout the United States.

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