Phillips Edison adds Publix-anchored center in Florida
One of the nation’s largest owners and operators of grocery-anchored shopping centers got a little bigger this week.
Phillips Edison, which runs more than 300 centers across the U.S., purchased Winter Springs Town Center, a Publix-anchored property outside of Orlando, Fla. The 115,757-sq.-ft. location also includes Zoo Health Club, Subway, UPS, Great Clips, GNC, Quest Diagnostics, and Edward Jones.
Transwestern brokered the deal on behalf of the seller, an unnamed, Dallas-based investment group. The sale price was not released.
“Winter Springs Town Center is a high-profile, institutional-quality retail asset situated within a fast-growing residential community,” observed Transwestern managing director John Bell.
OKC Outlets displays new look
The Outlet Resource Group threw a party to introduce Oklahoma City residents to their re-branded and refurbished outlet center.
TORG purchased the 394,000-sq.-ft. property for $130 million last year, and immediately set about creating a more modern environment for its tenants, which include Banana Republic, Smashburger, Polo Ralph Lauren, Old Navy, Perry Ellis, Nike, and Michael Kors.
New paint comprises much of OKC Outlets’ new look. Additional signage will soon follow, according to TORG principal Lisa Wagner, who said the center is 90% leased.
Instead of an unveiling, OKC Outlets had an “unzipping.” The backdrop for the ceremony was a huge “before” image of the center with a zipper that was unzipped to reveal the new look.
Largest grocery-anchored REIT raises its stock price
Next door to supermarkets is place for retailers to be, think board members of the Phillips Edison Grocery Center REIT I, and they trust investors will agree.
The board raised the value of its common stock to $11, an 8% increase, due to its acquisition of the Phillips Edison Limited partnership. The 76 grocery-anchored centers that came with the deal gives Phillips Edison & Company of a total of 235 centers nationwide. The company manages over 100 more.
“The increased valuation is a reflection of the quality of our expanded real estate portfolio as well as the effectiveness of our platform when it comes to unlocking the value of real estate,” said chairman and CEO Jeff Edison, chairman and chief executive officer of the Company. “Altogether, this illustrates the strength of the grocery-anchored real estate market.”