Phillips Edison Expands Holdings With Illinois Retail Buy
September 15, 2017 | Gail Kalinoski | Commerical Property Executive
Phillips Edison & Co., a Cincinnati-based owner of grocery-anchored shopping centers, is continuing its aggressive expansion, adding Hoffman Village to its Illinois holdings. The 159,443-square shopping center in Hoffman Estates, Ill., a Chicago suburb, marks the 14th property in Illinois for the company.
Hoffman Village, which is anchored by Mariano’s, a local grocer owned and operated by Roundys Supermarkets Inc., was acquired by the company’s Phillips Edison Grocery Center REIT I Inc. The shopping center has a mix of national and local tenants, including AT&T, Anytime Fitness, GNC, Fannie May Candies, Hallmark, Subway, Supercuts and Dunkin’ Donuts.
“The acquisition of Hoffman Village exemplified the commitment to adding high quality grocery-anchored shopping centers to the existing portfolio. It supports the strategy of owning and managing grocery-anchored centers located in markets that demonstrate strong long-term economic and demographic fundamentals,” David Wik, senior vice president of acquisitions for the company, said in a prepared statement.
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