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Last Updated ( Wednesday, 10 July 2013 13:09 )
DATE_FORMAT_LC2=Wednesday,July 10 2013 12:00:00 am EDT   
REIT Acquires Five Grocery-Anchored Properties

ShilohSquareNEWSShiloh SquareCincinnati — Phillips Edison-ARC Shopping Center REIT Inc., based in Cincinnati, has acquired four grocery-anchored centers for an aggregate purchase price of approximately $117 million. The properties include Shiloh Square in Atlanta, Northcross in Austin, Texas, Glenwood Crossing in Milwaukee and The Pavilions at San Mateo in Albuquerque. The four centers include 658,918 square feet of retail. Kroger anchors Shiloh Square, while Pick 'n Save anchors Glenwood Crossings. Both Northcross and The Pavilions at San Mateo are anchored by a Walmart Neighborhood Market. These acquisitions include the company's first properties in New Mexico and Wisconsin, as well as the REIT's first center in Austin.

Phillips Edison-ARC Shopping Center REIT has also purchased Boronda Plaza, a 93,071-square-foot center in Salinas, Calif. Boronda Plaza is anchored by a Food 4 Less grocery store, a subsidiary of Kroger. This acquisition is the first Food 4 Less-anchored property in the company's portfolio.

The recent acquisitions also bring the company's total portfolio to 47 properties in 18 states with an aggregate purchase price of approximately $673 million.

 

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