September 19, 2017

Phillips Edison Expands Holdings With Illinois Retail Buy

September 15, 2017 | Gail Kalinoski | Commerical Property Executive

Phillips Edison & Co., a Cincinnati-based owner of grocery-anchored shopping centers, is continuing its aggressive expansion, adding Hoffman Village to its Illinois holdings. The 159,443-square shopping center in Hoffman Estates, Ill., a Chicago suburb, marks the 14th property in Illinois for the company.

Hoffman Village, which is anchored by Mariano’s, a local grocer owned and operated by Roundys Supermarkets Inc., was acquired by the company’s Phillips Edison Grocery Center REIT I Inc. The shopping center has a mix of national and local tenants, including AT&T, Anytime Fitness, GNC, Fannie May Candies, Hallmark, Subway, Supercuts and Dunkin’ Donuts.

“The acquisition of Hoffman Village exemplified the commitment to adding high quality grocery-anchored shopping centers to the existing portfolio. It supports the strategy of owning and managing grocery-anchored centers located in markets that demonstrate strong long-term economic and demographic fundamentals,” David Wik, senior vice president of acquisitions for the company, said in a prepared statement.

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Full-Cycle (Date): Shareholders received cash or listed stock for all common shares of the previously non-traded investment program as of the given date.

In-Process: The investment program has commenced liquidation of its investment portfolio, has announced a merger or sale that has not yet been consummated, or has yet to provide common shareholders with full liquidity for their shares with cash and/or listed stock.

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