November 9, 2011. Burwood Village Center, a 105,834-square-foot shopping center located in Glen Burnie, Maryland, was acquired by Phillips Edison-ARC Shopping Center REIT Inc. for $16.6 million. The center is anchored by Food Lion, one of the top grocers in the area, which is on a long-term lease through October 2022. Other key tenants include Dollar General, CVS Pharmacy and Dunkin Donuts. The shopping center is 98.3 percent occupied.
Burwood Village Center benefits from a stable market and attractive demographics. The shopping center is located in a suburban community of Baltimore, where more than 180,000 people with average household incomes of $70,000 live within five miles of the shopping center. The Baltimore Metropolitan Area, the 21st largest in the country, has approximately 2.7 million residents.
This transaction represents the third grocery-anchored property acquisition for the company in the fourth quarter 2011. These properties, along with others previously acquired, are expected to be contributed to the PECO-ARC Institutional Joint Venture I, which was announced last month.
“The acquisition of the Burwood Village Center reflects our continued focus of purchasing high-quality shopping centers anchored by leading grocers in stable markets at attractive prices,” said John Bessey, president of Phillips Edison-ARC Shopping Center REIT Inc. “We believe that acquiring conveniently-located grocery-anchored centers at appealing prices will be accretive to shareholder value.”
Phillips Edison-ARC Shopping Center REIT Inc. is a publicly registered, non-traded REIT focused on acquiring grocery-anchored shopping centers. A complete list of the company’s portfolio can be found here.
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About Phillips Edison – ARC Shopping Center REIT Inc.
Phillips Edison – ARC Shopping Center REIT Inc. invests primarily in grocery-anchored neighborhood and community shopping centers throughout the United States. It is the first public, non-traded investment vehicle to allow retail investors to capitalize on the growing market segment of grocery-anchored retail centers. The Company is sponsored by Phillips Edison founders Jeffrey Edison and Michael Phillips, who along with an experienced management team that averages 20 years in the industry and 10 years with the company, have invested more than $1.8 billion to build a nationwide portfolio of 250 neighborhood shopping centers in 35 states. The Company is also sponsored by American Realty Capital, a real estate finance and investment firm.
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This release contains forward-looking statements. These include statements regarding the intent, belief or current expectations of the Company as well as the assumptions on which such statements are based and generally are identified by the use of words such as “may,” “will,” “seeks,” “anticipates,” “believes,” “estimates,” “expects,” “plans,” “intends,” “should” or similar expressions. These statements are subject to risks that may cause the Company’s actual results to be materially different from any future results expressed or implied by such forward-looking statements. Further, forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results over time, unless required by law. The following are some of the risks and uncertainties that could cause the Company’s actual results to differ materially from those presented in its forward-looking statements: Our revenue is affected by the success and economic viability of our anchor tenants. Operating results will be affected by economic and regulatory changes that have an adverse impact on the real estate market and we cannot assure you that there will be growth in the value of our properties.
For more information, visit http://www.phillipsedison-arc.com.
To arrange interviews with Phillips Edison – ARC Shopping Center REIT, Inc. executives, please contact Tony DeFazio at 484-532-7783 or tony@defaziocommunications.com.
Linda Fatherree