Phillips Edison-ARC Shopping Center Reit surpasses USD250m in acquisitions
Phillips Edison-ARC Shopping Center Reit has acquired Heron Creek Towne Center, a 64,664 square foot shopping centre anchored by a Publix grocery store located in North Port, Florida, approximately 30 miles south of Sarasota.
The acquisition of Heron Creek Towne Center brings the company's total portfolio to 23 properties with an aggregate purchase price of approximately USD251.5m.
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.
Heron Creek Towne Center is 90.4 per cent occupied and anchored by a 44,271 square foot Publix grocery store which is on a long term lease through August 2021. Publix is the number onegrocer by market share in the Sarasota, Florida area. When combined with the Publix grocery store lease, 63 per cent of the rents within the shopping centre come from national tenants.