November 17, 2010 - Phillips Edison & Company announced today the recent acquisition of Ft. Smith Pavilion located in Ft. Smith, Arkansas. The center, anchored by Target, Bed Bath and Beyond, Best Buy, Old Navy, and Michaels, was purchased in an all cash transaction using funds from the Phillips Edison Strategic Investment Fund.
“This shopping center fits right into our strategy of buying dominant retail centers anchored by leading retailers and/or lifestyle centers in markets where they have replaced the regional mall,” said David Birdsall, Senior Vice President of the Strategic Investment Fund.
This was the second major shopping center purchased by the Phillips Edison Strategic Investment Fund. Last year the fund bought the 600,000-square-foot Bridgewater Falls development in Fairfield Township, Ohio, which had been a lender-owned asset. Currently the fund is seeking additional opportunities nationwide with a focus on operationally complex assets that require access to cash and can benefit from Phillips Edison’s nationally recognized operating platform.