LAS VEGAS - A Cincinnati company known for buying grocery-anchored retail centers is now taking a shine to pet stores.
Phillips Edison & Co. signed five new leases with Pet Supplies Plus, doubling its number of shopping centers that house the Livonia, Michigan-based retailer. The leases will fill a combined 40,647 square feet in Phillips Edison centers in Ohio, Pennsylvania, Colorado, Georgia and South Carolina.
“We are proud to continue our partnership with Pet Supplies Plus, and are excited to be part of its growth strategy,” said Mike Conway, vice president of leasing and national accounts for Phillips Edison. “Pet Supplies Plus fits well strategically in our portfolio of grocery-anchored centers because of its neighborly, fun and easy-to-shop retail environments.”
This is the second cluster of deals announced by Phillips Edison in the last several days. The company also acquired three new retail centers in Texas, California and Georgia, bringing to 210 the total number of shopping centers acquired in a pair of real estate investment trusts that it sponsors.
Phillips Edison is one of several local companies shopping for real estate deals at the International Council of Shopping Centers RECon 2016 event in Las Vegas this week. The Blue Ash-based company typically brings dozens of employees to the show each year, Chief Operating Officer Bob Myers (pictured above) told WCPO in 2014.
The company has been stepping up its acquisition activity in recent months, thanks to increased borrowing and a joint venture with one of the world’s largest private-equity firms, TGP Real Estate. TGP will contribute $200 million to the joint venture, while Phillips Edison chips in $50 million. The companies aim to leverage those contributions toward $750 million in new property acquisitions.