Phillips Edison Buys Shopping Center for $7M

Phillips Edison Buys Shopping Center for $7M

HARTVILLE, OH—Phillips Edison-ARC Shopping Center REIT Inc. has acquired Hartville Center, a 108,412-sq.-ft. shopping plaza here, for $7.3 million.

The center is anchored by a 64,475-sq.-ft. Giant Eagle grocery store, which is on a long-term lease through April 2020. The REIT said in a public filing that the property is 76.7 percent occupied. The center had been put up for auction in late February.

The purchase brings the non-trade REIT’s total portfolio to 40 properties with 14 grocers in 16 states, with a portfolio aggregate purchase price of approximately $493.6 million. The trust in February purchased the 447,037-sq.-ft. Fairlawn Town Centre in nearby Akron for $42 million.

The trust also recently announced that its Board of Directors has company appointed John Bessey to the positions of co-president and CIO. Bessey had previously served as president since December 2009. R. Mark Addy, COO, has also been appointed to the position of co-president. 

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