Attached files
| file | filename |
|---|---|
| EX-99.1 - PRESS RELEASE - Phillips Edison & Company, Inc. | d406410dex991.htm |
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): August 30, 2012
PHILLIPS EDISON – ARC SHOPPING CENTER REIT INC.
(Exact name of registrant specified in its charter)
| Maryland | 000-54691 | 27-1106076 | ||
| (State or other jurisdiction of incorporation or organization) |
(Commission File Number) |
IRS Employer Identification No. |
11501 Northlake Drive
Cincinnati, Ohio 45249
(Address of principal executive offices)
Registrant’s telephone number, including area code: (513) 554-1110
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| ¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| ¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
| Item 8.01. | Other Events |
Publix at Northridge Acquisition
On August 30, 2012, Phillips Edison – ARC Shopping Center REIT Inc., a Maryland corporation (the “Company”), through a joint venture formed between a group of institutional international investors advised by CBRE Investors Global Multi Manager (the “CBRE Global Investors”) and the Company’s wholly-owned subsidiary (the “Joint Venture”), purchased a grocery-anchored shopping center containing 65,320 rentable square feet located on approximately 12.4 acres of land in Sarasota, Florida (“Publix at Northridge”) for approximately $11.6 million, exclusive of closing costs. The Company holds an approximate 54% interest in the Joint Venture and the CBRE Global Investors hold the remaining approximate 46% interest. The Joint Venture funded a portion of the purchase price through the assumption of existing mortgage indebtedness in the amount of $10.0 million. The remainder of the purchase price was funded with proceeds of approximately $0.9 million from the Company’s initial public offering and approximately $0.7 million provided by the CBRE Global Investors. Publix at Northridge was originally constructed in 2003.
Publix at Northridge is approximately 84.1% leased to seven tenants. The largest tenant at Publix at Northridge is a Publix grocery store, which occupies approximately 68.6% of the rentable square feet at Publix at Northridge. The current aggregate annual effective rent for the tenants of Publix at Northridge is approximately $1.0 million and the current weighted-average remaining lease term for the tenants is approximately 9.8 years. The current weighted-average effective rental rate over the lease term, which is calculated as the annualized effective rent divided by the leased rentable square feet, is approximately $18.03 per square foot.
Based on the current condition of Publix at Northridge, the Company does not believe that it will be necessary to make significant renovations to the property. The Company’s management believes that Publix at Northridge is adequately insured.
Press Release
On September 4, 2012, the Company issued a press release announcing its acquisition of Richmond Plaza and Publix at Northridge.
| Item 9.01. | Financial Statements and Exhibits |
(c) Exhibits
| 99.1 | Press Release dated September 4, 2012 |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| PHILLIPS EDISON – ARC SHOPPING CENTER REIT INC. | ||||||
| Dated: September 4, 2012 | By: | /s/ R. Mark Addy |
||||
| R. Mark Addy | ||||||
| Chief Operating Officer | ||||||
EXHIBIT INDEX
| Exhibit |
Description | |
| Ex. 99.1 | Press Release dated September 4, 2012 | |