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Phillips Edison-ARC Shopping Center REIT Inc. Acquires Food 4 Less Grocery Store-Anchored Shopping Center In California

CINCINNATI, July 9, 2013 /PRNewswire/ -- Phillips Edison–ARC Shopping Center REIT Inc. (the "Company") today announced the acquisition of Boronda Plaza, a 93,071 square foot shopping center anchored by a Food 4 Less grocery store, a subsidiary of Kroger. Boronda Plaza is located in Salinas, California, the county seat of Monterey County. This acquisition further diversifies the portfolio as it is the first Food 4 Less grocery store-anchored property acquired by the Company.  Boronda Plaza is currently 98 percent occupied. When combined with the Food 4 Less lease, 68 percent of the rents for the shopping center are derived from national tenants. 

(Logo: http://photos.prnewswire.com/prnh/20130204/PH54119LOGO )

The acquisition of Boronda Plaza brings the Company's total portfolio to 47 properties with 19 leading grocers in 18 states, with a portfolio aggregate purchase price of approximately $673 million.

The Company is a public non-traded REIT focused on the acquisition and management of well-occupied grocery-anchored neighborhood shopping centers throughout the United States.

About Phillips Edison – ARC Shopping Center REIT Inc.

Phillips Edison-ARC Shopping Center REIT Inc. is a public non-traded REIT that seeks to acquire and manage well-occupied grocery-anchored neighborhood shopping centers having a mix of national and regional retailers selling necessity-based goods and services, in strong demographic markets throughout the United States.  The Company is co-sponsored by two industry leaders: Phillips Edison & Company, who has acquired over $2.3 billion in shopping centers throughout the United States, and AR Capital, LLC, a real estate investment program sponsor dedicated to governance best practices.  As of July 9, 2013, the Company owned, directly or indirectly through a joint venture in which it has a controlling interest, and managed an institutional quality retail portfolio consisting of 47 grocery-anchored shopping centers totaling approximately 4.95 million square feet.  For more information on the Company, please visit the website at www.phillipsedison-arc.com.  

 

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