News
Investors Salivate for Grocery-Anchored Retail
May 31, 2012
| The Carolinas are growth states—just ask the Census Bureau (or anyone that tries to buy them a decent fitting dress shirt), especially metro areas such as Charlotte. That means CRE investors are looking to get a piece of the action. | ||
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| Phillps Edison prez John Bessey tells us that his firm's local strategy is similar to its national one: finding shopping centers in infill and growing markets (a little like a treasure hunt). The JV formed by Phillips Edison and American Realty Capital, Phillips Edison-ARC Shopping Center REIT, is on a quest to bulk up its portfolio, buying three NC grocery-anchored properties, including the 84k SF Cureton Towne Center in suburban Charlotte (anchored by a Harris Teeter). | ||
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| John says that the three recent acquisitions fit the Cincinnati-based company's criteria, since they're anchored by the leading market-share grocers, which provide the majority of the income from each property. He also says the Carolinas are especially sweet, thanks to population growth, employment diversity, and because they're the "half-back states"—that is, a lot of snowbirds come half-way back and end up staying here. | ||
