CINCINNATI—Phillips Edison—ARC Shopping Center REIT Inc., based in Cincinnati, has acquired New Prague Commons, a 59,948-sq.-ft., Coborn’s-anchored shopping center in New Prague, Minn. The first Coborn’s grocery store-anchored property in the company’s portfolio, the acquisition brings its total portfolio to include 21 properties.
Currently more than 98 percent occupied, New Prague Commons sold to Phillips Edison—ARC Shopping Center REIT Inc. for approximately $10.2 million.
Coborn’s is on a long-term lease at the property through May 2023, and, including this lease, 89 percent of the rents from the property come from national tenants.
Phillips Edison—ARC Shopping Center REIT Inc. is a public, non-traded REIT that focuses on the acquisition and management of grocery-anchored neighborhood shopping centers throughout the U.S.
New Prague Commons was acquired through the Company’s joint venture, PECO-ARC Institutional Joint Venture I LP.