SALT LAKE CITY, Oct. 3, 2013 /PRNewswire/ -- PECO Net Lease Income Fund (NLIF) today announced the acquisition of four properties including two Family Dollar stores in New Mexico and two Raising Cane's restaurants including one in Lexington, KY and one in Mt. Pleasant, SC.
"These acquisitions continue our overall strategy to acquire well positioned retail assets with geographic and industry diversification," said Jim Shipman, vice president for PECO NNN Development, LLC; manager of the NLIF. "The acquisitions provide long-term leases and excellent value-add opportunity, while also enabling us to continue our monthly dividend to our investors."
The acquisition of the four properties brings the total portfolio to over $33 million in assets comprised of 15 properties located in 12 states.
Family Dollar Stores, Inc. currently operates more than 7,900 stores in 46 states. The company, a Fortune 300 company, is based in Matthews, North Carolina, just outside of Charlotte and is a publicly held company with common stock traded on the New York Stock Exchange under the symbol FDO. For more information, please visit www.familydollar.com.Raising Cane's, known for its ONE LOVE® – quality chicken finger meals, is in the midst of a rapid expansion across the nation. To learn more about the Company, visit www.RaisingCanes.com. About PECO NNN Development PECO NNN is an affiliate of Phillips Edison & Company and has developed 51 net leased assets in 10 states valued at over $220 million. Thirty-seven of those assets were developed through its preferred developer relationship with Walgreen's. PECO NNN has a fully-integrated operating platform for acquisitions, dispositions, development, redevelopment, and leasing and property management. In addition, PECO NNN manages the PECO Net Lease Income Fund which acquires single-tenant, net lease properties nationwide. The fund will have acquired over $40 million in assets by year-end 2013. For more information on the company, please visit phillipsedison.com/PECO-NNN. SOURCE PECO NNN Development
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