Grocery Shopping Centers Lure Buyers as $200 Million U.S. Venture Formed
Phillips Edison-ARC Shopping Center REIT Inc., a Cincinnati-based company that isn’t listed on an exchange, will contribute $52 million to the partnership, and clients of CBRE Investors will put in $50 million, the REIT said today in a statement. They will borrow about $102 million for U.S. deals.Retail centers with supermarkets are attracting investors because of the perceived safety of properties that consumers have to visit for necessities in a slow-growing economy. Sales of such real estate in the first half of the year exceeded the total for all of 2010, according to research company Real Capital Analytics Inc.
About $5.58 billion of grocery centers were sold this year through the second quarter, 22 percent more than the $4.57 billion in all of 2010, according to New York-based Real Capital. The 2011 total is the highest since 2007, the peak of the commercial real estate market.
Supermarket-anchored centers haven’t been immune to the economic slowdown. Vacancy rates have risen as local retailers, such as dry cleaners and restaurants, have gone out of business. Reduced access to capital has prevented other stores from taking up their space.
http://www.bloomberg.com/news
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