Phillips Edison & Company purchased their first shopped center, Nor-Dan Shopping Center in Danville, Virginia, in the early 1990s. 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 280 shopping centers in 32 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.
On October 4, 2017 Phillips Edison Grocery Center REIT I, Inc. completed the acquisition of Phillips Edison Limited Partnership’s real estate assets and asset management business and the combined company is now doing business as Phillips Edison & Company (PECO).
The business that began 25 years ago now has more than 300 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 its 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 - Phillips Edison & Company founded
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
2017 - Phillips Edison Grocery Center REIT I, Inc. completed the acquisition of Phillips Edison Limited Partnership’s real estate assets and asset management business.