Phillips Edison–ARC Shopping Center Reit has acquired Macland Pointe, a 79,699 square foot shopping centre anchored by a Publix grocery store and located in the Greater Atlanta, Georgia Metro Area.
The acquisition of Macland Pointe brings the company's total portfolio to 34 properties anchored by 13 leading grocers in 15 states, with an aggregate purchase price of approximately USD418.8m.
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.
Macland Pointe is 92.8 per cent occupied and anchored by a 55,999 square foot Publix grocery store. Publix is the number one grocer by market share in the Atlanta market. When combined with the Publix lease, 64 per cent of the rents within the shopping centre come from national tenants.