Phillips EdisonARC Shopping Center REIT Acquires Kroger-Anchored Center in CincinnatiBy Kelly Stratton, Contributing WriterPenton Business Media
CINCINNATIPhillips EdisonARC ShoppingCenter REIT Inc., a public non-traded REIT, through its jointventure, PECO-ARC Institutional Joint Venture I L.P., has closed onthe acquisition of Sidney Towne Center, a 118,360-sq.-ft. Krogergrocery-store-anchored shopping center.
The acquisition brings the companys total portfolio to 16properties with an aggregate purchase price of approximately $157.3million.
Located in Sidney, Ohio, approximately 38 miles north of Dayton,the shopping center is 98.5 percent occupied and anchored by an89,715-sq.-ft. Kroger grocery store, which includes a Kroger fuelpad at this location. The grocer is on a long-term lease throughSeptember 2021.
In addition to Kroger, national tenants at the center includeBuffalo Wild Wings, Aarons Rents and Anytime Fitness, amongothers.