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Phillips Edison-ARC Shopping Center REIT Inc. completed the acquisition of 12 grocery-anchored shopping centers in May, bringing the Cincinnati-based company's portfolio to 114 properties in 25 states and leased to 32 grocery store anchors. The 12 acquisitions expand Phillips’ presence in Florida, Kentucky, Pennsylvania, South Carolina and Texas, and add its first property in Nevada.
The acquired properties are Kirkwood Market Place, anchored by Sprouts in Houston; Hampton Village, anchored by Publix in Taylors, S.C.; Fairview Plaza Shopping Center, anchored by Giant in New Cumberland, Pa; Townfair Center, anchored by Giant Eagle in Indiana, Pa.; Southwest Marketplace, anchored by Smith’s Food and Drug in Las Vegas; Central Station, anchored by Kroger in Louisville, Ky.; Park View Square, anchored by Winn-Dixie in Miramar, Fla.; St. John’s Commons, anchored by Winn-Dixie in Jacksonville, Fla.; Deerwood Lake Commons, anchored by Publix in Jacksonville; Heath Brook Commons, anchored by Publix in Ocala, Fla.; West Creek Commons, anchored by Publix in Coconut Creek, Fla.; and Broadway Promenade, anchored by Publix in Sarasota, Fla.
The aggregate purchase price for all of the acquisitions came to about $186 million and added about 1.1 million square feet to Phillips' portfolio, which is now worth more than $1.7 billion and consists of about 12 million square feet of gross leaseable area.
"Now that we have committed the remaining net equity proceeds raised in our initial public offering, we are focused on closing on properties and continuing to build our portfolio using modest leverage," noted Phillips Chairman and CEO Jeff Edison.