CINCINNATI—Phillips Edison-ARC Shopping Center REIT Inc. has just acquired three more grocery-anchored shopping centers: Collington Plaza in Bowie, MD, Golden Town Center in Golden, CO, and Northstar Marketplace in Ramsey, MN. These acquisitions bring the total number of properties acquired by the company in the fourth quarter to 14. Furthermore, the company now has a portfolio with 72 shopping centers anchored by 27 leading grocers in 21 states, with an aggregate portfolio purchase price of about $1.1 billion.
The company has been buying up centers throughout much of the US at a quick pace. 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, FL.
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.
Collington Plaza, one of the newest purchases, is a 121,915-square-foot grocery store-anchored shopping center located near Washington, DC and Baltimore. A 64,885-square-foot Giant grocery store, the number one grocer by market share in the greater metro area, anchors the center, the first Giant-anchored property in the company's portfolio. Other national tenants that lease space at Collington include Capital One Bank, Sally Beauty, Game Stop, GNC, and The UPS Store.
Golden Town Center is a 117,882-square-foot shopping center in Golden, a suburb of Denver 16 miles west of the city. A 69,693-square-foot King Soopers grocery store anchors the center. King Soopers is also the number one grocer by market share in this metro area. Other national tenants at Golden Town Center include Big 5 Sporting Goods, H&R Block, and JP Morgan Chase.
Finally, Northstar Marketplace is a 96,356-square-foot shopping center in Ramsey, a suburb of the Twin Cities. A 61,975-square-foot Coborn's grocery store anchors Northstar Marketplace. Coborn's is one of the leading grocers in the metro area and operates its own brand of fuel stations. Northstar Marketplace includes a fuel station and other national tenants leasing space include Anytime Fitness, Dollar Cents, Subway, Verizon, and Caribou Coffee.
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.
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.
