Phillips Edison & Co. (PECO) has announced an amended and restated joint venture partnership with Northwestern Mutual, which extends the term of the venture, Grocery Retail Partners I, by 10 years to 2036.
The expanded joint venture will acquire 13 high-quality, grocery-anchored shopping centers currently owned and operated by PECO across eight states. The portfolio is valued at approximately $377.5 million. Northwestern Mutual and PECO will retain approximately 86 percent and 14 percent interest in the joint venture, respectively. PECO will continue to provide leasing, asset management and property management services for the joint venture, in addition to earning recurring fees related to these services. The expansion creates incremental investment capacity for PECO to fund future acquisitions, development and redevelopment opportunities.
“Expanding our partnership with Northwestern Mutual, one of the country’s largest and most experienced commercial real esta
