Phillips Edison-ARC Shopping Center REIT has acquired six Atlanta-area grocery-anchored retail centers. It paid $60.5 million. Five of the centers are anchored by Kroger Co. grocery stores while a sixth is anchored by a Publix.
Commercial real estate in Atlanta will continue to decline, following a deterioration that has been ongoing for the past 12 to 18 months. Many brokers in the region hope the market will flatten by midyear and lead to a recovery in 2010.