Phillips Edison-ARC Shopping Center Reit acquires shopping centre in Ohio
Phillips Edison-ARC Shopping Center Reit has acquired Brook Park Plaza, a 157,459 square foot shopping centre anchored by a Giant Eagle grocery store in Brook Park, Ohio, a suburb of Cleveland.
The acquisition of Brook Park Plaza brings the company’s total portfolio to 22 properties with an aggregate purchase price of approximately USD242.9m.
The company is a public non-traded Reit focused on the acquisition and management of well-occupied grocery-anchored neighbourhood shopping centres throughout the US.
Brook Park Plaza is 87.8 per cent occupied and anchored by an 82,000 square foot Giant Eagle grocery store, which has a fuel station. When combined with the Giant Eagle grocery store lease, 83.5 per cent of rents from the shopping centre come from national tenants.
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