Phillips Edison - ARC Shopping Center REIT Inc. entered into a purchase and sale agreement to acquire 507,668 square feet portfolio of six shopping centers in Atlanta from Equity One Inc. for $60.5 million.

Phillips Edison - ARC Shopping Center REIT Inc. entered into a purchase and sale agreement to acquire 507,668 square feet portfolio of six shopping centers in Atlanta from Equity One Inc. (NYSE:EQY) for $60.5 million on November 30, 2012. The purchase price is exclusive of closing costs. The transaction was funded from the proceeds of a revolving credit facility with KeyBank National Association and proceeds from its initial public offering.

On December 28, 2012, Phillips Edison - ARC Shopping Center REIT Inc. made a total deposit of $3 million which can be forfeited in case of breach of agreement. The deal is subject to substantial conditions. Tony DeFazio of Diccicco Battista Communications acted as the public relations advisor in the transaction.