Phillips Edison-ARC Shopping Center REIT has acquired a portfolio of two retail real estate assets in Florida.
Both acquisitions are grocery-anchored shopping centers with Publix the main attraction, the top traditional supermarket in the Tampa area by market share.
The first asset is Lutz Lake Crossing, which is a 64,986-square-foot shopping center situated nearly 15 miles north of Tampa in Lutz, Fla. The facility is about 86% occupied, the REIT said.
Located in Spring Hill, Fla., Publix at Seven Hills is a 72,590-square-foot shopping center that was the second asset obtained by Phillips Edison-ARC. This asset is about 91% occupied.
These acquisitions bring the REIT’s total portfolio to 39 properties, including 14 grocers in 16 states. Overall, the portfolio aggregate purchase price is approximately $486.3 million.
Phillips Edison-ARC Shopping Center REIT Inc. is a public nontraded REIT that seeks to acquire and manage well-occupied grocery-anchored neighborhood shopping centers having a mix of national and regional retailers selling necessity-based goods and services located in strong demographic markets throughout the country.
The Cincinnati-based REIT is co-sponsored by two industry leaders: Phillips Edison & Co., who has acquired over $1.8 billion in shopping centers throughout the United States, and AR Capital LLC, a real estate investment program sponsor dedicated to governance best practices.
As of April 8, Phillips Edison-ARC owned, directly or indirectly through a joint venture in which it has a controlling interest, and managed an institutional quality retail portfolio consisting of 39 grocery-anchored shopping centers totaling more than 3.8 million square feet.
