December 30, 2010 - Phillips Edison & Company's Fund IV has acquired Glidden Crossing shopping center, located in DeKalb, Ilinois. The 99,091-square-foot shopping center is anchored by Schnuck's supermarket.
"Glidden Crossing is our seventh acquisition of a grocery-anchored center closed in 2010, and our second in 2010 in the greater Chicago area," said Hal Scudder, Chief Investment Officer.
Glidden Crossing is strategically located on Annie Glidden Road, the primary artery connecting I-88 (East-West Tollway) to Northern Illinois University (NIV) and the city of DeKalb. Construction on the property was completed in 2007. The property features a 58,000-square-foot Schnuck's grocery anchor; 16,800-square-foot Goodwill; and 23,000 square feet of shop space with several outparcels.
"Glidden Crossing represents an outstanding opportunity to purchase an asset with a strong performing grocery store anchor in a growing market with a diverse economic base," said Derk Taylor, Director of Acquisitions for the Midwest.
Chris Labounty of May Center Advisors represented the Seller on the transaction.
Other shopping centers acquired by Phillips Edison investment funds in 2010 included: Prairie Point Shopping Center in Aurora, Illinois; Johnson's Creek in Clackamas, Oregon; Marketplace Shopping Center in Independence, Missouri; Lakeside Shopping Center in Salem, Virginia; Snow View Plaza in Parma, Ohio; and Fort Smith Pavilion in Fort Smith, Arkansas.