Phillips Edison–ARC Shopping Center REIT Inc. acquired another shopping center on April 23. The Cincinnati-based public non-traded REIT paid $7.3 million for the Hartville Center in the Greater Akron Metropolitan Area. It funded the purchase price with proceeds from its initial public offering and announced the new addition to its portfolio of retail properties on April 25.
The Hartville Center is located along West Maple Street, west of Kent Avenue, in the village of Hartville, Ohio. It is a 108,412-square-foot shopping center and sits on a 23.1-acre plot. The Hartville Center was constructed in 1988 and renovated in 1998. It also includes almost 800 parking spaces.
Eighty-eight percent of the rents within the shopping center come from national tenants. Leased to 13 tenants occupying 76.7 percent of the space, the Hartville Center is anchored by Giant Eagle, which occupies 64,475 square feet and has signed a long-term lease through April 2020. Giant Eagle is the No. 1 grocer by market share in the Akron market.
The property is easily accessible from State Route 619. It is ideally situated in the heart of the retail corridor serving northeastern Stark County, almost 12 miles southeast of downtown Akron and 12 miles north of downtown Canton.
The Cincinnati-based public non-traded REIT focuses on the acquisition and management of well-occupied grocery-anchored neighborhood shopping centers throughout the United States. At the end of March, Phillips Edison–ARC paid $48.8 million for a three-state, three-property portfolio of shopping centers totaling 276,000 square feet. The Hartville Center is now the REIT’s 40th grocery-anchored shopping center. The aggregate purchase price for the portfolio is approximately $493.6 million. It totals 3.9 million square feet.
Photo credits: Phillips Edison–ARC Shopping Center REIT Inc.