CINCINNATI—Phillips Edison—ARC Shopping Center REIT Inc., a public non-traded REIT, through its joint venture, PECO-ARC Institutional Joint Venture I L.P., has closed on the acquisition of Sidney Towne Center, a 118,360-sq.-ft. Kroger grocery-store-anchored shopping center.
The acquisition brings the company’s total portfolio to 16 properties with an aggregate purchase price of approximately $157.3 million.
Located in Sidney, Ohio, approximately 38 miles north of Dayton, the shopping center is 98.5 percent occupied and anchored by an 89,715-sq.-ft. Kroger grocery store, which includes a Kroger fuel pad at this location. The grocer is on a long-term lease through September 2021.
In addition to Kroger, national tenants at the center include Buffalo Wild Wings, Aarons Rents and Anytime Fitness, among others.