Phillips Edison–ARC Shopping Center REIT Inc. announced the acquisition of Hartville Centre, a 108,412-sq-ft shopping center anchored by a Giant Eagle grocery store and located in the Greater Akron, Ohio Metropolitan Area. The acquisition of Hartville Centre brings the Company's total portfolio to 40 properties with 14 leading grocers in 16 states, with a portfolio aggregate purchase price of approximately $493.6 million.
The Company is a public non-traded REIT focused on the acquisition and management of well-occupied grocery-anchored neighborhood shopping centers throughout the US.
Hartville Centre is anchored by a 64,475-sq-ft Giant Eagle grocery store, which is on a long-term lease through April 2020. Giant Eagle is the No. 1 grocer by market share in the Akron market. When combined with the Giant Eagle lease, 88% of the rents within the shopping center come from national tenants.