Phillips Edison & Company, Inc. has recently acquired Des Peres Corners, a shopping center in Des Peres, Missouri that is anchored by a grocery store. The purchase was made in collaboration with Cohen & Steers Income Opportunities REIT, Inc., for a total of $38.4 million. This acquisition was part of our joint venture program which aims to secure $300 million in equity and is owned 80% by CNSREIT and 20% by PECO.
Built in 2009, Des Peres Corners spans approximately 121,000 square feet and features an open-air design. It is strategically located at one of the most prominent intersections in the growing suburb of St.Louis – making it an attractive investment opportunity for us. Currently operating at full capacity with only 10% vacancy rate,the property boasts major tenants such as Schnucks grocer occupying approximately74 ,000 square feet along with other retailers from industries like medical care , beauty products,personal care,and food.
Jeff Edison – Chairman and Chief Executive Officerof Phillips Edison expressed his satisfaction on this partnership stating “We are delighted to join forces with CNSREIT for our first acquisition through this joint venture.This will not only provide PECO access to additional growth capital but also expand our potential acquisitions.”
