Phillips Edison & Co. this week announced the acquisition of 52 shopping centers from Developers Diversified Realty Corp., with plans to close on an additional 11 properties in the near future.
The 52 retail centers, whose names and locations were not disclosed, total 4.1 million square feet and were purchased for $449 million. The second closing will bring the total to $603 million for 5.7 million square feet of neighborhood and community shopping centers in 16 states.
With the acquisition of all 63 properties, Phillips Edison’s portfolio will comprise 212 properties, totaling 23.4 million square feet in 33 states.
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