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.

The centers include Lakeside Plaza in Salem, VA; Snow View Plaza in Parma, OH; St. Charles Plaza in Haines City, FL; Centerpoint in Easley, SC; and Southampton Village in Tyrone, GA. All five are anchored by a top producing grocery store such as Publix or Food Lion, according to the trust.

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