PECO III and Northwestern Mutual form joint venture
Phillips Edison Grocery Center REIT III Inc and Northwestern Mutual have formed a joint venture to create Grocery Retail Partners II. According to terms of the JV, Northwestern Mutual will acquire a 90 percent stake in the three grocery-anchored shopping centers currently owned by PECO III, while the latter will maintain a 10 percent ownership stake in the portfolio valued at $46.5 million. Holliday Fenoglio Fowler LP was financial adviser to PECO III on the JV. PECO III is focused on acquiring and owning grocery-anchored shopping centers while Northwestern Mutual is a commercial real estate mortgage and equity investor.
12 November 2018•4 mins read
