CINCINNATI—Phillips Edison-ARC Shopping Center REIT has just picked up Courthouse Marketplace, The Fresh Market Shopping Center, and Pioneer Plaza, three grocery-anchored shopping centers located in Virginia, Illinois and Oregon. The Cincinnati-based trust has made a string of purchases throughout the year, but this time it added the first Fresh Market grocery-anchored property to its portfolio.
Courthouse Marketplace is a 106,863-square-foot center located in Virginia Beach, VA, anchored by Harris Teeter, a leading grocer in the Mid-Atlantic region. Other national tenants include The UPS Store, Great Clips and Wendy's. About 7,000 city employees work in the Municipal Center and Courthouse Complex across the street.
The Fresh Market Shopping Center in Normal, IL, home of Illinois State University, has 76,017-square-feet and is anchored by a Fresh Market grocery store, one of the leading grocers in the high-growth fresh format category. Other national tenants at the center include Dick's Sporting Goods and Marshalls.
The final property in this set is Pioneer Plaza, a 96,027-square-foot shopping center located in Springfield, OR, part of the Eugene metropolitan area, which includes the University of Oregon. A Safeway grocery store, the leading grocer by market share in the greater Eugene area, anchors the center, which also includes national tenants such as Bank of America, Edwards Jones, Sprint, and Payless Shoes.
“We are excited about these acquisitions because we believe they support our objectives of creating a diversified and balanced portfolio, and partnering with our tenants to deliver a great shopping experience to their customers,” says Chief Executive Officer Jeff Edison.
With these acquisitions, the trust now has a portfolio with interests in 64 properties anchored by 25 leading grocers in 21 states, with an aggregate portfolio purchase price of approximately $925 million. Just last month, Phillips Edison officials said they has a portfolio with interests in 61 properties with a purchase price of about $885 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.
