Oct. 6, 2009 (PR Newswire) --
CINCINNATI, Oct. 6 /PRNewswire/ -- Phillips Edison & Company's Strategic Investment Fund announced today its acquisition of Bridgewater Falls, a 600,000 square foot regional shopping center located in Fairfield Township, Ohio. The shopping center, which is anchored by TJ Maxx, Best Buy, Bed Bath & Beyond, Pet Smart, Dick's Sporting Goods, Michaels, and Target, was acquired with all cash.
"This is a significant purchase not only due to the fact that it is one of the few REO assets to close this year but also because very few companies have the ability to close something of this magnitude at a time of severe market contraction," says David Birdsall, Chief Development Officer for Phillips Edison. The nearly 54 acres sold also includes ground leases to JCPenney, Chili's, Max & Erma's and Huntington Bank.
"The market is now rewarding owners with strong operating capabilities who can execute in the currently distressed environment. Our national operating and leasing platform provides with us a competitive advantage over owners with just pure investment capabilities," Birdsall explains. "Combine that with access to capital, and it becomes a very narrow field of buyers who can take on an asset of any significant size. Our Strategic Investment Fund was set up to serve this niche".
The acquisition of Bridgewater Falls marks the third property acquired by the Company's $70M Strategic Investment Fund. The fund is focused on acquiring retail assets of 150,000 square feet and larger in major metropolitan markets including power centers, lifestyle centers and development joint ventures.
Developed in 2005, Bridgewater Falls is located just off the Michael Fox Highway (Highway 129) at the corner of Princeton Road and Bypass 4 in fast-growing Fairfield Township. With its convenient location, attractive demographics and excellent visibility, Bridgewater has quickly become one of the most dominant shopping centers in the market.
Phillips Edison & Company is the largest private owner of community and neighborhood shopping centers in the country. Founded in 1992, it is a fully-integrated retail real estate company with a portfolio of more than 25 million square feet in 35 states. In addition to a successful track record in the acquisition, redevelopment, and operation of neighborhood and community shopping centers, Phillips Edison has built a foundation of development experience in single-tenant buildings and multi-anchored shopping centers. Phillips Edison & Company has offices in Cincinnati, Salt Lake City, Baltimore, Los Angeles and Portland. Visit www.phillipsedison.com for more information.
For leasing information, contact
Mike Conway
Phillips Edison & Company
(513) 618-4452
mconway@phillipsedison.com
SOURCE Phillips Edison & Company
