Phillips Edison–ARC Shopping Center REIT Inc., a Cincinnati-based public non-traded REIT, on Feb. 4 announced the purchase of Fairlawn Town Centre, a 447,037-square-foot community shopping center located in Fairlawn, Ohio. The acquisition brings Phillips Edison’s total portfolio to 33 properties with 13 leading grocers in 15 states.
Phillips Edison acquired the shopping center from WP Realty, a real estate investment, development, management and leasing company headquartered in Bryn Mawr, Pa. According to a Securities and Exchange Commission filing, the purchase price for Fairlawn Town Centre was approximately $42.2 million. WP Realty acquired Fairlawn in May 2010.
Fairlawn Town Centre is located at 2855 W. Market St., just five miles northwest of the Greater Akron Metro Area and 35 minutes from downtown Cleveland. The shopping center contains approximately 348,255 of rentable square feet in five buildings, including one restaurant pad.
The shopping center is 95 percent occupied. A Giant Eagle grocery store is the anchor tenant, occupying 95,144 square feet and on a long-term lease through June 2025. The tenant roster also includes Home Goods, Pet Supplies Plus, Ashley Furniture, Marc’s, the U.S. Post Office, Chuck E. Cheese, Panera Bread, GNC, Subway and Radio Shack.
The 30-acre property isn’t Phillips Edison’s first acquisition in Northeast Ohio. The REIT also owns two other grocery-anchored shopping centers in the region, the Brook Park Center in Brook Park and Snow View Plaza in Parma. It also purchased Parma’s Parmatown Mall and Shopping Center and now plans to redevelop the 1.2 million-square-foot mixed-use complex, which includes Parmatown Plaza, an enclosed regional mall; Parmatown Strip Center, a neighborhood shopping center anchored by Marc’s Grocery Store; and Parmatown Medical Center, a four-story medical office building.
Charts courtesy of Marcus & Millichap.