Tyrone’s Southampton Village sold for $15.2 million
The Southampton Village shopping center on Ga. Highway 74 in Tyrone has a new owner. The shopping center, along with another in metro Greenville, South Carolina, were purchased this week for $15.2 million.
Phillips Edison-ARC Shopping Center REIT, Inc., a publicly registered, non-traded REIT (Real Estate Investment Trust) focusing on acquiring grocery-anchored neighborhood and community shopping centers announced Oct. 17 that it had acquired two shopping centers in Tyrone and Greenville, South Carolina, with a combined 150,243 square feet of space, according to a company press release.
The company acquired Southampton Village, a 77,956 square-foot, Publix-anchored shopping center located in Tyrone and Centerpoint, a 72,287 square-foot, Publix-anchored shopping center located in Easley, South Carolina, near Greenville.
Southampton Village was purchased from an entity associated with the former Developer Diversified Realty, according to a spokesperson for DeFazio Communications, LLC.
Both Southampton Village and Centerpoint were constructed in 2003 and the Publix supermarkets at both locations are on long-term leases through 2023. The total purchase price for the two centers was approximately $15.2 million.
“The acquisition of these two high-quality Publix-anchored centers exemplifies our strategy to grow the portfolio with properties tenanted by leading grocers in markets with solid demographics,” said John Bessey, president of Phillips Edison-ARC Shopping Center REIT, Inc. “We believe that acquiring well-located grocery-anchored centers at attractive prices will be accretive to shareholder value.”
The Phillips Edison press release noted that both shopping centers benefit from their close proximity to growing United States metro areas of Atlanta and Greenville.