Company History

Phillips Edison & Company got its start in the 1980s when Mike Phillips and Jeff Edison, two young leasing agents for The Taubman Company, shared a dream of one day owning their own real estate company. They did not know exactly how or where their company would operate, or who would invest in it, but they knew they could make it happen.

Fast forward a few years into the early 1990s when the young entrepreneurs had the opportunity to buy their first asset for PECO, Nor-Dan Shopping Center in Danville, Virginia. The investing and operating model was created: PECO would focus on neighborhood and community grocery anchored shopping centers with a value-add component. The company would acquire, lease and manage the shopping centers with its internal resources on a vertically integrated operating platform.

Over the course of the next 25 years, the company’s portfolio grew to more than 275 shopping centers in 37 states. This remarkable growth was initially funded by private investment funds with Mike and Jeff investing alongside the high net-worth individuals who participated in the fund. The success of those early funds paved the way for larger funds involving major institutional investors, providing the necessary capital for even greater growth and set the stage for the company to sponsor two publicly registered non-traded REITS, Phillips Edison Grocery Center REIT 1 which launched in 2010, and Phillips Edison Grocery Center REIT 2 which launched in 2013. Together, the non-traded REITS generated nearly $3 Billion in offering proceeds. 

The business that Mike and Jeff began in Mike’s basement 25 years ago now has more than 270 associates working in corporate offices in Cincinnati, New York City, Salt Lake City, and Atlanta with regional offices across the country. PECO also still owns its first property, Nor-Dan Shopping Center, a testament to its belief in the grocery-anchored industry. 

The key to PECO’s success is that the company has remained true to its mission of value creation and to Mike’s and Jeff’s commitment to be the best-in-class operator. Even as PECO reaches out in exciting new directions, the company continues to be an industry leader in its core business of maximizing the value of grocery-anchored neighborhood shopping centers.  
1991 - Jeff Edison and Mike Phillips start Phillips Edison & Company
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1992 - Acquired first shopping center, Nor-Dan Shopping Center in Danville, Virginia
 
2000 - Closed Fund I, a $20 million, fully discretionary investment vehicle
 
2003 - Acquired $175 million Aegis Realty portfolio of 27 centers, over 3 million square feet and closed Fund II, a $60 million, fully discretionary investment vehicle in two closings
 
2004 - Completed consolidation of affiliated entities into an LP structure with a corporate GP
 
2006 - Closed Fund III, a $275 million, value-add fund; acquired 116 shopping centers, over 12 million square feet,  in 27 states
 
2007 - Acquired $600 million portfolio of 60 centers, over 5 million square feet, from Developers Diversified Realty
 
2009 - Closed Fund IV, a $120 million, value-add fund; acquired six centers in five states, over 900,000 square feet
 
2010 - Launched Phillips Edison Grocery Center REIT I
 
2013 - Launched Phillips Edison Grocery Center REIT II
 
2014 - Closed the initial public offering for Phillips Edison Grocery Center REIT I, generated ~$1.75 billion in proceeds
 
2015 - Closed the initial public offering for Phillips Edison Grocery Center REIT II, generated ~$1.2 billion in proceeds