Phillips Edison-ARC Shopping Center REIT has acquired Paradise Crossing, a 67,470 square foot shopping centre anchored by a Publix grocery store.
Paradise Crossing is located in Lithia Springs, Georgia, a suburb of Atlanta. Publix is the number one grocery store by market share in Atlanta.
Paradise Crossing is currently 93.7 per cent occupied. When combined with the Publix lease, 64 per cent of the rents for the shopping centre are derived from national tenants.
The acquisition of Paradise Crossing brings the company's total portfolio to 50 properties with 19 grocers in 18 states, with an aggregate portfolio purchase price of approximately USD729.6m.
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.