Phillips Edison expands Northwestern Mutual joint venture in $377.5 million shopping center deal
Bitget2026/10/01 21:49- Phillips Edison expanded its joint venture with Northwestern Mutual, extending Grocery Retail Partners I’s term by 10 years to 2036.
- Venture to acquire 13 grocery-anchored shopping centers from Phillips Edison, valued at about $377.5 million.
- Northwestern Mutual to hold about 86% of the joint venture; Phillips Edison to retain about 14%.
- Phillips Edison to provide leasing, asset management, property management services, generating recurring fee income.
- Transfers to occur in stages, with additional closings expected by early 2027.
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