Phillips Edison buys grocery-anchored center

Cincinnati — Phillips Edison-ARC Shopping Center REIT has acquired Paradise Crossing, a 67,470-sq.-ft. shopping center anchored by a Publix grocery store.



Located in Lithia Springs, Ga., a suburb of Atlanta, Paradise Crossing is 93.7% occupied. When combined with the Publix lease, 64% of the rents for the center derive from national tenants.



The acquisition brings the REIT’s portfolio to 50 grocery-anchored properties, with an aggregate portfolio purchase price of approximately $729.6 million.