November 24, 2010 - Phillips Edison and Company's Fund IV announced today its acquisition of Marketplace Shopping Center, located in Independence, Missouri. The property was purchased from Centro Properties Group and Ingrid Long and Drew Quinn of Grubb & Ellis represented the Seller on the transaction. The 241,682-square-foot shopping center is anchored by Price Chopper (a member of Associated Wholesale Grocers).
"We are pleased to announce our first acquisition in the Kansas City MSA," says Paul Mittmann, Director of Acquisitions for the Western Region. "In addition, Phillips Edison owns a number of other grocery-anchored shopping centers in Kansas, Nebraska, and Oklahoma."
The center is a regional draw located at the Noland Road interchange with I-70. The site enjoys excellent freeway visibility with more than 153,000 cars per day passing through the interchange and is well positioned to service the surrounding dense residential neighborhoods of Independence. Associated Wholesale Grocers is the second largest retailer-owned grocery wholesaler in the United States.
"The acquisition of Marketplace Shopping Center is consistent with Phillips Edison's strategy of acquiring core and value-add shopping centers anchored by dominant grocers across the country," said Hal Scudder, Chief Investment Officer.
Other shopping centers acquired by Phillips Edison investment funds in 2010 include: Prairie Point Shopping Center in Aurora, IL; Johnson's Creek in Clackamas, OR; and Fort Smith Pavilion in Fort Smith, AK.