Phillips Edison – ARC Shopping Center REIT Inc. Acquires Publix-Anchored Shopping Center in Georgia for $11.35 Million

By Staff Reporter

May 02, 2012 02:06 PM EDT

Phillips Edison – ARC Shopping Center REIT Inc. , a public non-traded REIT focused on the acquisition and management of well-occupied grocery-anchored neighborhood shopping centers, today announced that the Company, through its joint venture, PECO-ARC Institutional Joint Venture I, LP, has closed on the acquisition of an 111,924 square foot Publix-anchored shopping center located in Brunswick, Georgia for $11.35 million, bringing the Company’s total portfolio to 10 properties, with a total acquisition purchase price of approximately $100 million.

The Village at Glynn Place is located in Brunswick, Georgia, which is recognized as one of the busiest ports on the East Coast. The largest employers in Brunswick include Southeast Georgia Health System, GSI Commerce and Gulfstream Aerospace, and the area is home to Jekyll Island and Sea Island luxury resorts. Publix Supermarkets, Inc., the No. 1 grocer in southern Georgia by market share, anchors the property with a 56,000 square foot lease, with over 10 years remaining on the lease term. The 111,924 square foot property is 96.7 percent occupied. Including the Publix lease, approximately 81 percent of rents from the property come from national tenants, including Lendmark Financial Services, Cato Fashions, Papa John’s, Sally Beauty Supply and Goodwill Industries.

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