Cincinnati — Phillips Edison-ARC Shopping Center REIT Inc. www.phillipsedison-arc.com has announced the acquisition of two grocery-anchored shopping centers: Stockbridge Commons in Fort Mill, S.C., a suburb of Charlotte, and Dyer Crossing in Dyer Indiana, about 30 miles south of Chicago.
Anchored by a Harris Teeter grocery store, the 99,473-sq.-ft. Stockbridge Commons is currently 96% leased.
Dyer Crossing is a 95,083-sq.-ft. shopping center anchored by a Jewel-Osco grocer store, the top grocer by market share in the Chicago market. When combined with the Jewel-Osco lease, 84% of the rents from the shopping center derive from national tenants.
These are the first Phillips Edison-ARC Shopping Center REIT acquisitions to include Harris Teeter or Jewel-Osco. It is also the first acquisition of a center located in Indiana.
Together, the acquisitions bring the Company’s total portfolio to interests in 55 properties anchored by 22 leading grocers in 20 states, with an aggregate portfolio purchase price of approximately $801.5 million.