CINCINNATI—Phillips Edison-ARC Shopping Center REIT Inc. has been on a buying spree lately and shows no sign of slowing down. The Cincinnati-based trust just added their first property in Missouri, and another in California, to their growing shopping center portfolio. They have reached over $700 million in acquisitions.
The California property, Contra Loma, is a 74,616-square-foot center in Antioch, CA, about 45 miles northeast of San Francisco. A Save Mart grocery store, the No. 2 traditional grocer by market share in the San Francisco market, anchors the center, the first such property in the company's portfolio.
The Missouri property, the South Oaks Plaza, is an 112,300-square-foot center in St. Louis at 5796 S. Lindbergh Blvd. It is 100% occupied and the first one in the company's portfolio anchored by a Shop 'n Save.
Phillips Edison-ARC seems to be increasing the pace of their acquisitions. Earlier this year, GlobeSt.com reported that they had hit $400 million in acquisitions. Subsequent purchases include Lutz Lake Crossing, a 64,986-square-foot shopping center in Lutz, located approximately 15 miles north of Tampa. In the same deal, the REIT also acquired Publix at Seven Hills, a 72,590-square-foot shopping center located in Spring Hill, Florida. In addition, the trust recently bought a portfolio of three retail assets in Tallahassee, Columbia, SC, and Houston.
And in June, the company hit another milestone after acquiring Sunset Center, a 164,797-square-foot shopping center in Corvallis, OR, anchored by a Safeway grocery store. That acquisition brought 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.
These most recent acquisitions bring their total portfolio to 52 properties with 21 leading grocers in 19 states, totaling 5.5-million-square-feet, and with an aggregate portfolio purchase price of approximately $746.3 million.
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
