Phillips Edison - ARC Shopping Center REIT Inc. Announces Board Appointments; Announces the Acquisition of Hartville Centre in the Greater Akron, Ohio Metropolitan Area
April 25, 2013 at 09:22 pm IST
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On April 22, 2013, the board of directors of Phillips Edison - ARC Shopping Center REIT Inc. appointed John B. Bessey to the positions of Co-President and Chief Investment Officer. Mr. Bessey had previously served as President of the company since December 2009. Additionally, the company's board of directors appointed R. Mark Addy to the position of Co-President. Mr. Addy will also continue to serve as Chief Operating Officer of the company, a position he has held since October 2010.
On April 25, 2013, the company also announced the acquisition of Hartville Centre, a 108,412 square foot shopping center anchored by a Giant Eagle grocery store and located in the Greater Akron, Ohio Metropolitan Area. The acquisition of Hartville Centre brings the company's total portfolio to 40 properties with 14 leading grocers in 16 states, with a portfolio aggregate purchase price of approximately $493.6 million. Hartville Centre is anchored by a 64,475 square foot Giant Eagle grocery store, which is on a long-term lease through April 2020.
Phillips Edison & Company, Inc. is a real estate investment trust (REIT). The Company's business is conducted through Phillips Edison Grocery Center Operating Partnership I, L.P. (the Operating Partnership). The Company owns and operates omni-channel grocery-anchored shopping centers. Additionally, it operates a third-party investment management business providing property management and advisory services to two unconsolidated institutional joint ventures and one private fund. Its portfolio primarily consists of neighborhood centers anchored by the #1 or #2 grocer tenants by sales within their respective formats by trade area. Its centers feature a mix of national and regional retailers providing goods and services throughout the United States. The Company manages approximately 301 shopping centers, including 281 wholly owned centers comprising 32.2 million square feet across 31 states and 20 shopping centers owned in one institutional joint venture.
Phillips Edison - ARC Shopping Center REIT Inc. Announces Board Appointments; Announces the Acquisition of Hartville Centre in the Greater Akron, Ohio Metropolitan Area