CINCINNATI—Phillips Edison-ARC Shopping Center REIT Inc., based here, has entered into a revolving credit facility with KeyBank to finance the acquisition of grocery-occupied centers throughout the United States.
The credit facility matures on December 24, 2015, with two 12-month extension options which, if exercised, would extend the maturity until December 2017. The initial facility is set at $40 million, with an accordion feature up to $250 million.
In a statement, the trust said it will seek centers that have a mix of national, credit worthy retailers selling necessity-based goods and services in strong demographics markets. As of December 24, there are no borrowings outstanding under the credit facility. The trust owns, directly or indirectly through a joint venture in which it has a controlling interest, and manages an institutional quality retail portfolio consisting of 23 grocery-anchored shopping centers totaling about 2.2 million sq. ft.
