Phillips Edison-ARC Shopping Center REIT has acquired two grocery-anchored shopping centres, adding the first Save Mart and Shop 'n Save grocery store-anchored shopping centres to the company's portfolio.
The company has also expanded its portfolio's geographic diversity by adding its first shopping centre located in Missouri.
Contra Loma is a 74,616 square foot shopping centre located in Antioch, California, approximately 45 miles northeast of San Francisco. The shopping centre is anchored by a Save Mart grocery store, the number two traditional grocer by market share in the San Francisco market.
South Oaks Plaza is an 112,300 square foot shopping centre located in St. Louis, Missouri. The shopping centre is 100 per cent occupied and anchored by a Shop 'n Save grocery store. Shop 'n Save is the number two traditional grocer by market share in the St. Louis market. When combined with the Shop 'n Save lease, 100 per cent of the rents received from the shopping centre are derived from national tenants.
These acquisitions bring the company's total portfolio to 52 properties with 21 grocers in 19 states, with an aggregate portfolio purchase price of approximately USD746.3m.