CINCINNATI--(BUSINESS WIRE)--Phillips Edison Grocery Center REIT III, Inc. (“PECO III”), announced today that its registration statement pertaining to an initial public offering has been declared effective by the Securities and Exchange Commission on May 8, 2018. Phillips Edison Grocery Center REIT III will offer up to an aggregate of $1.7 billion in Class T and Class I common stock.
PECO III primarily invests and will continue to invest in well-occupied grocery-anchored neighborhood and community shopping centers leased to a mix of national and regional credit-worthy tenants providing necessity-based goods and services in strong demographic markets throughout the United States.
PECO III’s current portfolio consists of four properties located in three states totaling 381,000 leasable square feet.
About Phillips Edison Grocery Center REIT III, Inc.
Phillips Edison Grocery Center REIT III, Inc. is a public non-traded real estate investment trust (“REIT”) that seeks to acquire and manage well-occupied grocery-anchored neighborhood shopping centers having a mix of national and regional retailers selling necessity-based goods and services, in strong demographic markets throughout the United States. The REIT is co-sponsored by Phillips Edison & Company and Griffin Capital Company, LLC ("Griffin Capital").
About Phillips Edison & Company, Inc.
Phillips Edison & Company (“Phillips Edison”), is a fully-integrated real estate company specializing in owning and operating grocery-anchored shopping centers. Founded in 1991, Phillips Edison has launched multiple equity funds, including three non-traded REITs: Phillips Edison Grocery Center REIT I, Inc., Phillips Edison Grocery Center REIT II, Inc. and Phillips Edison Grocery Center REIT III, Inc. Led by senior executives with more than two decades of real estate experience, Phillips Edison currently manages 341 shopping centers totaling approximately $6.3 billion. For more information, please visit www.phillipsedison.com.
About Griffin Capital Company, LLC
Griffin Capital is a leading alternative investment asset manager with approximately $10.3 billion in assets under management. Founded in 1995, the privately held firm is led by a seasoned team of senior executives with more than two decades of investment and real estate experience and who collectively have executed more than 650 transactions valued at over $22 billion.
Forward Looking Statements
This press release may contain certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements can generally be identified by our use of forward-looking terminology such as "may," "will," "expect," "intend," "anticipate," "estimate," "believe," "continue," or other similar words. Because such statements include risks, uncertainties and contingencies, actual results may differ materially from the expectations, intentions, beliefs, plans or predictions of the future expressed or implied by such forward-looking statements. These risks, uncertainties and contingencies include, but are not limited to: uncertainties relating to changes in general economic and real estate conditions; uncertainties relating to the implementation of our real estate investment strategy; uncertainties relating to financing availability and capital proceeds; uncertainties relating to the closing of property acquisitions; uncertainties relating to the public offering of our common stock; uncertainties related to the timing and availability of distributions; and other risk factors as outlined in Phillips Edison Grocery Center REIT III's prospectus, as amended from time to time. This is neither an offer nor a solicitation to purchase securities.