Phillips Edison-ARC Shopping Center REIT acquisitions
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.
JLL appoints new head of Midwest Retail
Chicago — Jones Lang LaSalle recently appointed senior VP Larry Kilduff, a 25-year industry veteran, as head of the firm’s Midwest Retail platform, which is based in Chicago. Prior to JLL, Kilduff owned and operated two retail real estate development companies and worked with leading retailers including Wal-Mart, Target, Kmart, Sears, Bon-Ton, Kohl’s and J.C. Penney.
Currently more than 200 employees support the JLL Midwest Retail platform. Collectively, the Midwest Retail team manages 28 properties comprised of 12 million sq. ft. Last year, the team’s lease transactions totaled $51 million.
Transwestern acquires Richards Barry Joyce & Partners
Houston — Transwestern’s Houston headquarters today announced that it is acquiring Richards Barry Joyce & Partners, a full-service real estate firm based in Boston. It will become Transwestern’s 34th U.S. office.
Established in 2001, RBJ has been named “Small Business of the Year” by the Greater Boston Chamber of Commerce. The Boston Business Journal has named the firm on of the “Best Places to Work” multiple times. RBJ will begin operating as Transwestern RBJ on November 1, 2013. Terms of the deal are not being disclosed.