CINCINNATI, OH – October 5, 2009 – (RealEstateRama) — Phillips Edison & Company’s Strategic Investment Fund announced today its acquisition of Bridgewater Falls, a 600,000 square foot regional shopping center located in Fairfield Township, Ohio. The shopping center, which is anchored by TJ Maxx, Best Buy, Bed Bath & Beyond, Pet Smart, Dick’s Sporting Goods, Michaels, and Target, was acquired with all cash.
“This is a significant purchase not only due to the fact that it is one of the few REO assets to close this year but also because very few companies have the ability to close something of this magnitude at a time of severe market contraction,” says David Birdsall, Chief Development Officer for Phillips Edison. The nearly 54 acres sold also includes ground leases to JCPenney, Chili’s, Max & Erma’s and Huntington Bank.
“The market is now rewarding owners with strong operating capabilities who can execute in the currently distressed environment. Our national operating and leasing platform provides with us a competitive advantage over owners with just pure investment capabilities,” Birdsall explains. “Combine that with access to capital, and it becomes a very narrow field of buyers who can take on an asset of any significant size. Our Strategic Investment Fund was set up to serve this niche”.
The acquisition of Bridgewater Falls marks the third property acquired by the Company’s $70M Strategic Investment Fund. The fund is focused on acquiring retail assets of 150,000 square feet and larger in major metropolitan markets including power centers, lifestyle centers and development joint ventures.
Developed in 2005, Bridgewater Falls is located just off the Michael Fox Highway (Highway 129) at the corner of Princeton Road and Bypass 4 in fast-growing Fairfield Township. With its convenient location, attractive demographics and excellent visibility, Bridgewater has quickly become one of the most dominant shopping centers in the market.