CORVALLIS, OR-Phillips Edison–ARC Shopping Center REIT Inc. has acquired Sunset Center, a 164,797 square foot shopping center anchored by a Safeway grocery store here. The acquisition of Sunset Center brings the company's total portfolio to 41 properties with 15 leading grocers in 16 states, with a portfolio aggregate purchase price of approximately $518.5 million. Corvallis is the home to Oregon State University which enrolls over 26,000 students a year.
Phillips Edison-ARC is a public non-traded REIT focused on the acquisition and management of well-occupied grocery-anchored neighborhood shopping centers throughout the United States.
Sunset Center is 93.8% occupied and anchored by a 54,971 square foot Safeway grocery store, which is on a long-term lease. Safeway is the No. 1 grocer by market share in the Corvallis market. When combined with the Safeway lease, 71% of the rents within the shopping center come from national tenants.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
