Phillips Edison–ARC Shopping Center Reit has acquired Fairlawn Town Centre, a 348,255 square foot shopping centre anchored by a Giant Eagle grocery store and located in Fairlawn, Ohio, approximately five miles northwest of the Greater Akron, Ohio Metro Area.
The acquisition of Fairlawn Town Centre brings the company's total portfolio to 33 properties with 13 leading grocers, in 15 states, with an aggregate purchase price of approximately USD409.7m.
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.
Fairlawn Town Centre is 95 per cent occupied and anchored by a 95,144 square foot Giant Eagle grocery store which is on a long term lease through June 2025. Giant Eagle is the number one grocer by market share in the Greater Akron Metro Area. When combined with the Giant Eagle lease, 69 per cent of the rents within the shopping centre come from national tenants.