Phillips Edison expands Northwestern Mutual joint venture in $377.5 million shopping center deal
PECO•Phillips Edison expanded its joint venture with Northwestern Mutual, which will acquire 13 grocery-anchored shopping centers valued at about $377.5 million. Northwestern Mutual will hold about 86% of the venture and Phillips Edison about 14%.
1. Joint venture expands
The venture will acquire 13 grocery-anchored shopping centers from Phillips Edison, valued at about $377.5 million, and its term has been extended by 10 years to 2036. Northwestern Mutual will hold about 86% of the venture, while Phillips Edison will retain about 14% and provide leasing, asset management and property management services, generating recurring fee income. Transfers will occur in stages, with additional closings expected by early 2027.
