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.

Mark Addy, CEO of the trust, tells GlobeSt.com that he thinks the venture could be fully invested in the next three to six months. There’s a lot of opportunity property out there, as bad loans force owners to turn over sites. “It’s like the old saying that everybody has to eat,” Addy says. “The top performing grocers have continued to do very well even in this economy. There’s still a flight to safety. Not only do investors want to get their capital back, they want to get a return, and they feel that grocery-anchored is a safer investment.”