Phoenix's Village Center Acquired by Phillips Edison

Phillips Edison & Company, a retail real estate owner, manager, and developer, recently purchased Village Center in Phoenix, Az., a 170,801-square-foot community shopping center anchored by Target and shadow-anchored by REI. The center is 85.36 percent occupied with national tenants such as Lenscrafters, Subway, Great Clips, and Half Price Books.

“We anticipate approximately $300 million of additional acquisition activity utilizing the same equity fund and credit facility used to acquire Village Center,” says Paul Mittman, Director of West Coast Acquisitions.