Phillips Edison Grabs Grocery-Anchored Shopping Centers

The Cincinnati-based REIT is expanding its retail portfolio with the purchase of two shopping centers near Orlando and Tempe, Ariz.

By Ioana Neamt

Golden Eagle Village
Golden Eagle Village

CincinnatiPhillips Edison Grocery Center REIT I Inc. of Cincinnati is growing its commercial portfolio with the addition of two grocery-anchored shopping centers located in Tempe, Ariz., and Clermont, Fla., a western suburb of Orlando. Financial terms of the acquisitions have not been disclosed.

The 257,979-square-foot Southern Palms retail center is located in Tempe, Ariz., and is anchored by leading fresh format grocer Sprouts. The center’s tenant roster also includes Planet Fitness, Firehouse Subs, Leslie’s Pool Supplies, Sally Beauty, GNC, State Farm and West Marine Products.

Golden Eagle Village is a 64,050-square-foot shopping center located in Clermont, Fla., roughly 22 miles west of Orlando. The center is anchored by Publix and is also home to national tenants Domino’s, AT&T and Great Clips.

The purchase of the two retail assets falls in line with Phillips Edison’s strategy to acquire high-quality, grocery-anchored shopping centers diversified by grocer, geography, tenancy, lease expirations and creditworthiness. The firm’s operations are handled by a national, in-house acquisitions team.

Image courtesy of Equinox Development