AKRON, OH—Phillips Edison-ARC Shopping Center REIT Inc. has agreed to purchase Fairlawn Town Centre shopping center here from a joint venture of WP Realty and Angelo, Gordon & Co. for $42 million.

Fairlawn Town Centre is a 447,037-sq.-ft. community shopping center comprised of five buildings including one restaurant pad and is anchored by several national and regional retailers including Giant Eagle, Target (separately owned), Home Goods, Pet Supplies Plus, Ashley Furniture and Marc’s. In-line retail tenants include a mix of national, regional, and local tenants including U.S. Post Office, Chuck E. Cheese, Panera Bread, GNC, Subway, and Radio Shack.

WP Realty purchased Fairlawn in May 2010 for $28 million. The acquisition of the center included a vacant 39,840-sq.-ft. junior anchor box formerly occupied by Circuit City. The center is now 95-percent leased, with Giant Eagle signed to a lease through 2025.

This purchase brings the buying trust’s total portfolio to 33 properties with 13 leading grocers, in 15 states, with an aggregate purchase price of approximately $409.7 million.