Phillips Edison Portfolio Hits $1 Billion

CINCINNATI—Phillips Edison-ARC Shopping Center REIT Inc. has just acquired three more grocery-anchored shopping centers: Collington Plaza in Bowie, MD, Golden Town Center in Golden, CO, and Northstar Marketplace in Ramsey, MN. These acquisitions bring the total number of properties acquired by the company in the fourth quarter to 14. Furthermore, the company now has a portfolio with 72 shopping centers anchored by 27 leading grocers in 21 states, with an aggregate portfolio purchase price of about $1.1 billion.

The company has been buying up centers throughout much of the US at a quick pace. Earlier this year, GlobeSt.com reported that they had hit $400 million in acquisitions. Subsequent purchases include Lutz Lake Crossing, a 64,986-square-foot shopping center in Lutz, located approximately 15 miles north of Tampa. In the same deal, the REIT also acquired Publix at Seven Hills, a 72,590-square-foot shopping center located in Spring Hill, FL.