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Phillips Edison JV Acquires Grocery-Anchored Retail Center in Missouri
Phillips Edison & Company, Inc. has acquired Des Peres Corners, a grocery-anchored shopping center in Des Peres, Missouri, with Cohen & Steers Income Opportunities REIT, Inc. for $38.4 million. The acquisition was made through a programmatic joint venture targeting $300 million in equity, owned 80% by CNSREIT and 20% by PECO.
Des Peres Corners is an approximately 121,000-square-foot grocery-anchored, open-air shopping center built in 2009. It is located at one of the most prominent intersections in Des Peres, a growing suburb of St. Louis. The property is 90% occupied and is anchored by an approximately 74,000-square-foot Schnucks grocer, along with medical, beauty, personal care and food industries retailers.
“We are pleased to partner with CNSREIT on this joint venture and first acquisition,” said Jeff Edison, Chairman and Chief Executive Officer of Phillips Edison. “This joint venture increases PECO’s access to growth capital and increases the acquisition universe available to us.”
