Phillips Edison & Company purchased their first shopped center, Nor-Dan Shopping Center in Danville, Virginia, in the early 1990s.
Over the course of the next 30 years, the company’s portfolio grew to more than 300 shopping centers in 31 states. This remarkable growth was initially funded by private investment funds. 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 30 years ago now has more than 300 associates working in corporate offices in Cincinnati, Park 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. PECO 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, Nordan Shopping Center in Danville, Virginia
2000 - Closed Fund I, a $20 million, fully discretionary investment vehicle
2003 - Closed Fund II, a $60 million, fully discretionary investment vehicle in two closings and acquired $175 million Aegis Realty portfolio of 27 centers, over three million SF
2004 - Completed consolidation of affiliated entities into an LP structure with a corporate GP
2006 - Closed Fund III, a $275 million, value-add fund and acquired a total of 116 shopping centers, over 12 million SF, in 27 states
2007 - Acquired $600 million portfolio of 60 centers, over 5 million SF, from Developers Diversified Realty as part of Fund III
2009 - Closed Fund IV, a $120 million, value-add fund and acquired nine centers in seven states, over 1.3 million SF
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
- Phillips Edison Grocery Center REIT I, Inc. completed the acquisition of Phillips Edison Limited Partnership’s real estate assets and asset management business
- Completed $1.9 billion merger with Phillips Edison Grocery Center REIT II, Inc., acquiring 86 grocery-anchored shopping centers
- Entered into two joint ventures to with Northwestern Mutual to form Grocery Retail Partners I (“GRP I”) and Grocery Retail Partners II ("GRP II"), investing in 20 centers valued at $415 million
2019 - Surpassed $1 Billion in Total Shareholder Distributions; Appointed Elizabeth Fischer and Jane Silfen to Board of Directors
2020 - Launched PECO ConnectTM, a comprehensive program comprised of rewards programs, webinars, signage, digital toolkits and other resources to help Neighbors navigate the COVID-19 pandemic