Real estate investment trust expands its presence by 1.6 million square feet.
TAMPA BAY — A real estate investment trust connected to Cincinnati-based retail development firm Phillips Edison & Co. acquired two Gulf Coast shopping centers, part of a 15-center expansion.
In total, Phillips Edison-ARC Shopping Center REIT Inc. announced it's acquired 15 grocery-anchored centers in eight states since Jan. 1: Georgia, Florida, Illinois, Kentucky, North Carolina, Texas, Virginia and Wisconsin. Properties include the 75,405-square-foot Publix-anchored Goolsby Pointe in Riverview and the 69,232-square-foot Sweetbay-anchored Towne Centre at Wesley Chapel.
The total purchase price for all the acquisitions was $261 million, according to the firm. The acquisitions also marked the REIT's first properties anchored by a Sweetbay.
“We are very pleased to acquire these grocery-anchored shopping centers, as they further diversify our portfolio by geography, grocery anchor, industry, lease expirations and credit,” Phillips Edison-ARC chairman and CEO Jeff Edison says in a press release. “Our acquisitions velocity continues to grow as our acquisitions team harvests opportunities in our pipeline.”
Phillips Edison-ARC Shopping Center REIT's portfolio now consists of interests in 98 shopping centers anchored by 31 grocers in 23 states. It added 1.6 million square feet of retail space to its portfolio through the latest acquisitions.
Phillips Edison-ARC Shopping Center REIT Inc. is a co-sponsored arm of Phillips Edison and AR Capital LLC, an investment management firm.