Phillips Edison Grocery Center REIT I, Inc. Acquires Two Grocery-Anchored Shopping Centers
CINCINNATI–(BUSINESS WIRE)–Phillips Edison Grocery Center REIT I, Inc. (the “Company”) today announced the strategic acquisition of two grocery-anchored shopping centers, expanding the Company’s portfolio in Florida and Illinois.
Harbour Village is a 113,004 square foot grocery store-anchored shopping center in Jacksonville, Florida. The center is anchored by The Fresh Market, a leading fresh format grocer. Harbour Village also features national and regional tenants Stein Mart, Kumon, Planet Beach Tanning, Smoothie King, and Woof Gang Bakery.
Oak Mill Plaza is a 163,286 square foot grocery store-anchored shopping center in Niles, Illinois, a suburb located 14 miles northwest of Chicago. The center is anchored by Jewel-Osco, the number one grocer by market share in the Chicago area. Oak Mill Plaza also features national and regional tenants MB Financial, Help at Home, Uro Partners, ReMax, State Farm Insurance, Subway and T-Mobile.
The Company’s sponsor, Phillips Edison, has a robust acquisitions pipeline managed by a national, in-house acquisitions team from which it continues to source opportunities to acquire high quality grocery-anchored shopping centers diversified by grocer, geography, tenancy, lease expirations and creditworthiness.
About Phillips Edison Grocery Center REIT I, Inc.
Phillips Edison Grocery Center REIT I, Inc. is a public non-traded REIT that seeks primarily to acquire and manage well-occupied grocery-anchored neighborhood shopping centers having a mix of national and regional retailers selling necessity-based goods and services, in strong demographic markets throughout the United States. As of October 12, 2016, the Company owns and manages an institutional quality retail portfolio consisting of 151 shopping centers totaling approximately 16.3 million square feet. For more information, please visit the Company’s website atwww.grocerycenterREIT1.com.
This press release contains forward-looking statements about the Company’s business, including, in particular, statements about its pipeline, plans, strategies and objectives. You can generally identify forward-looking statements by the use of forward-looking terminology such as “may,” “will,” “expect,” “intend,” “anticipate,” “estimate,” “believe,” “continue” or other similar words. You should not rely on these forward-looking statements because the matters they describe are subject to the factors detailed under Risk Factors in the Company’s most recent Form 10-K and subsequent Forms 10-Q on file with the Securities and Exchange Commission as well as other known and unknown risks, uncertainties and other unpredictable factors, many of which are beyond the Company’s control. The Company’s actual results, performance and achievements may be materially different from that expressed or implied by these forward-looking statements.
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