Phillips Edison & Company Announces $377.5 Million Expansion of Joint Venture with Northwestern Mutual
Key Highlights
- ➤Joint venture portfolio valued at approximately $377.5 million
- ➤Northwestern Mutual (NM) retains approximately 86% interest; PECO retains 14%
- ➤13 grocery-anchored shopping centers added across eight states
- ➤GRP I venture term extended 10 years to 2036
- ➤PECO expects incremental capacity for acquisitions, development and redevelopment
Expert Statements
Jeff Edison, Chairman and Chief Executive Officer of Phillips Edison & Company
“Expanding our partnership with Northwestern Mutual, one of the country’s largest and most experienced commercial real estate investors, demonstrates continued institutional demand for high-quality, grocery-anchored shopping centers.”
Jeff Edison, Chairman and Chief Executive Officer of Phillips Edison & Company
“In addition to the durable fee revenue generated, this expanded joint venture advances PECO’s capital allocation strategy by monetizing value from high-quality, stabilized assets and redeploying that capital into grocery-anchored and Everyday Retail™ opportunities with strong growth potential. PECO’s joint venture partnerships play a key role in our long-term growth and commitment to delivering stakeholder value. We’re able to do this while maintaining balance sheet strength and a disciplined approach to investing that have always defined PECO.”
CINCINNATI , Oct. 01, 2026 (GLOBE NEWSWIRE) -- Phillips Edison & Company, Inc. (Nasdaq: PECO) (“PECO”), one of the nation’s largest owners and operators of high-quality, grocery-anchored neighborhood shopping centers, today announced an amended and restated joint venture partnership with Northwestern Mutual, one of the largest commercial real estate mortgage and equity investors in the U.S., which extends the term of the venture, Grocery Retail Partners I LLC (“GRP 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% and 14% 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.
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