{"id":1004279318,"date":"2018-11-14T03:32:30","date_gmt":"2018-11-14T11:32:30","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004279318"},"modified":"2022-12-08T13:00:17","modified_gmt":"2022-12-08T21:00:17","slug":"phillips-edison-northwestern-mutual-form-415m-jvs","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/phillips-edison-northwestern-mutual-form-415m-jvs\/","title":{"rendered":"Phillips Edison, Northwestern Mutual Form $415M JVs"},"content":{"rendered":"<p>By Barbra Murray<\/p>\n<div id=\"attachment_1004279327\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/11\/Dean-Taylor-Crossing.jpg\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004279327\" data-attachment-id=\"1004279327\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/phillips-edison-northwestern-mutual-form-415m-jvs\/dean-taylor-crossing\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/11\/Dean-Taylor-Crossing.jpg\" data-orig-size=\"800,600\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Dean Taylor Crossing\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;Dean Taylor Crossing&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/11\/Dean-Taylor-Crossing.jpg?w=800\" class=\"wp-image-1004279327 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/11\/Dean-Taylor-Crossing.jpg\" alt=\"Dean Taylor Crossing\" width=\"300\" height=\"225\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/11\/Dean-Taylor-Crossing.jpg 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/11\/Dean-Taylor-Crossing.jpg?resize=300,225 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/11\/Dean-Taylor-Crossing.jpg?resize=768,576 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004279327\" class=\"wp-caption-text\">Dean Taylor Crossing<\/p><\/div>\n<p>Phillips Edison &amp; Co. Inc. recently partnered with Northwestern Mutual to form two seeded joint ventures, Grocery Retail Partners I and Grocery Retail Partners II, creating a combined national portfolio of 20 grocery-anchored properties valued at $414.5 million. The transaction marks the largest shopping center recapitalization of 2018 to date.<\/p>\n<p>Commercial real estate and capital markets services provider HFF played a leading role in the attention-grabbing deal, acting as PECO\u2019s exclusive advisor in the establishment of the joint ventures. <em>\u201cThe transaction shows that fears of a \u2018retail Armageddon\u2019 are beginning to subside,\u201d<\/em> Steve Hentschel, a senior managing director with HFF, told <em>Commercial Property Executive<\/em>. <em>\u201cInvestors are seeing that well-positioned retail assets are undervalued and have good upside potential if they are managed by top-tier sponsors that have platforms and scale that help drive performance.\u201d<\/em><\/p>\n<p>Joining Hentschel in the orchestration of the joint venture were Senior Managing Directors Danny Finkle, Michael Joseph and Doug Bond, and Senior Director Sheheryar Hafeez.<\/p>\n<h2>The ownership pie<\/h2>\n<div id=\"attachment_1004279330\" style=\"width: 310px\" class=\"wp-caption alignleft\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/11\/Flynn-Crossing.jpg\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004279330\" data-attachment-id=\"1004279330\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/phillips-edison-northwestern-mutual-form-415m-jvs\/flynn-crossing\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/11\/Flynn-Crossing.jpg\" data-orig-size=\"800,600\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Flynn Crossing\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;Flynn Crossing&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/11\/Flynn-Crossing.jpg?w=800\" class=\"wp-image-1004279330 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/11\/Flynn-Crossing.jpg\" alt=\"Flynn Crossing\" width=\"300\" height=\"225\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/11\/Flynn-Crossing.jpg 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/11\/Flynn-Crossing.jpg?resize=300,225 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/11\/Flynn-Crossing.jpg?resize=768,576 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004279330\" class=\"wp-caption-text\">Flynn Crossing<\/p><\/div>\n<p>PECO and Phillips Edison Grocery Center REIT III Inc., also known as PECO III, a REIT sponsored and managed by PECO, contributed the assets to the joint ventures. All 20 of the high-quality properties are anchored by leading grocers and located in high-growth submarkets, predominantly in the Southeast and Midwest.<\/p>\n<p>PECO sold Northwestern an 85 percent interest in GRP I, which encompasses 17 properties valued at $368 million. The group of shopping centers includes two properties in metropolitan Atlanta, one of which is Flynn Crossing in Alpharetta, Ga, a 95,000-square-foot, Publix-anchored destination. The 92,300-square-foot, Kroger-anchored Dean Taylor Crossing in nearby Suwanee is also part of the collection. PECO will hold the remaining 15 percent interest in the joint venture.<\/p>\n<p>PECO III contributed three assets to GRP II and sold Northwestern a 90 percent ownership in the joint venture, while maintaining a 10 percent stake. Valued at approximately $46.5 million, the cluster of shopping centers encompasses the 99,000-square-foot Albertville Crossing in Albertville, Minn., near Minneapolis, and the 134,000-square-foot Rolling Meadows Station in the suburban Chicago city of Rolling Meadows, Ill. The properties are anchored by Coburn\u2019s Supercenter and Jewel-Osco, respectively. St. Cloud Station, a 78,000-square-foot, Publix-anchored center outside Orlando in Saint Cloud, Fla., completes the group.<\/p>\n<p>PECO will continue to provide asset and property management services for the GRP I and GRP II shopping centers.&nbsp;As noted in PECO\u2019s third quarter 2018 results presentation<em>, \u201cThe joint ventures reflect the strength of both the PECO and PECO III portfolios\u2014and affirm PECO as a leading asset manager for grocery-anchored real estate.\u201d<\/em><\/p>\n<h2>More major plays<\/h2>\n<p>In addition to breaking a retail recapitalization record for 2018, PECO is making other notable moves. In July, PECO announced it would <a href=\"https:\/\/www.commercialsearch.com\/news\/phillips-edison-grocery-center-reit-ii-to-merge\/\">merge with Phillips Edison Grocery Center REIT II<\/a> to create a $6.3 billion, internally managed REIT. With 323 assets, the combined entity will boast one of the largest pure-play, grocery-anchored shopping center portfolios in the U.S.<\/p>\n<p><em>Images&nbsp;courtesy of Phillips Edison &amp; Co.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The two seeded joint ventures, Grocery Retail Partners I and II, own a combined portfolio of 20 shopping centers anchored by leading grocers.<\/p>\n","protected":false},"author":969,"featured_media":1004279327,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21808,21783,23891,21742,21749],"tags":[37376,33063],"class_list":["post-1004279318","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-featured","category-investment","category-national","category-latest","category-retail","tag-northwestern-mutual","tag-phillips-edison-company"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - 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