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8-K - FORM 8-K - Phillips Edison & Company, Inc. | d425422d8k.htm |
Exhibit 99.1
CONTACTS | ||
From: Tony DeFazio | For: Jennifer Weingartner, Director of Investor Relations | |
DeFazio Communications, LLC | Phillips Edison ARC Shopping Center REIT | |
tony@defaziocommunications.com | jweingartner@phillipsedison.com | |
Ph: (484) 532-7783 | Ph: (513) 619-5058 |
FOR IMMEDIATE RELEASE
Phillips EdisonARC Shopping Center REIT Inc. Acquires 59,948 Square Foot Coborns
Grocery Store-Anchored Shopping Center in Minnesota
CINCINNATI, OH, October 17, 2012 Phillips EdisonARC Shopping Center REIT Inc. (the Company), today announced the acquisition of New Prague Commons, a 59,948 square foot shopping center anchored by a Coborns grocery store and located in New Prague, Minnesota, a suburb of Minneapolis-St. Paul. This acquisition further diversifies the portfolio as it is the first grocery-anchored shopping center located in the state of Minnesota and is also the first Coborns grocery store-anchored property in the Companys portfolio. The acquisition of New Prague Commons brings the Companys total portfolio to 21 properties.
The Company is a public non-traded REIT focused on the acquisition and management of well-occupied grocery-anchored neighborhood shopping centers throughout the United States. New Prague Commons was acquired through the Companys joint venture, PECO-ARC Institutional Joint Venture I, LP.
New Prague Commons is 98.2% occupied and anchored by a 45,708 square foot Coborns grocery store, which is on a long term lease through May 2023. When combined with the Coborns grocery store lease, 89 percent of rents from the property come from national tenants.
About Phillips Edison ARC Shopping Center REIT Inc.
Phillips Edison-ARC Shopping Center REIT Inc. is a public non-traded 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, in strong demographic markets throughout the United States. The REIT is co-sponsored by two industry leaders: Phillips Edison & Company, 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 October 17, 2012, 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 21 grocery-anchored shopping centers totaling 2,013,532 square feet. For more information on the company, please visit the website at www.phillipsedison-arc.com.
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