Phillips Edison–ARC Shopping Center REIT Inc. has announced the acquisition of two grocery-anchored shopping centers. These acquisitions added the first Schnucks grocery store-anchored shopping center, and a Cub Foods grocery store-anchored shopping center to the company’s portfolio and expand the company’s presence in Minnesota and Iowa.
Cahill Plaza is a 69,000 square foot shopping center located in Inver Grove Heights, Minn., a suburb of Minneapolis, approximately 20 miles southeast of the city. The shopping center is anchored by a 52,017 square foot Cub Foods grocery store. Cub Foods is the No. 1 traditional grocer by market share in the greater Minneapolis area.
Duck Creek Plaza is a 134,229 square foot shopping center located in Bettendorf, Iowa, part of the Quad Cities bordering Iowaand Illinois. The shopping center is anchored by a 63,706 square foot Schnucks grocery store, one of the largest privately owned grocers in the Midwest. In addition to the Schnucks grocery store anchor, Duck Creek Plaza also features a 28,270 square foot Marshall’s store.
With the acquisitions of Cahill Plaza and Duck Creek Plaza, the Phillips Edison-ARC current portfolio is comprised of interests in 61 properties anchored by 26 leading grocers in 21 states, with an aggregate portfolio purchase price of approximately $885 million.