Phillips Edison Expands Joint Venture with Northwestern Mutual

CINCINNATI, Oct. 01, 2026 /CourierPR/ -- Phillips Edison & Company, one of the nation’s largest owners and operators of high-quality, grocery-anchored neighborhood shopping centers, has announced an expanded joint venture with Northwestern Mutual, one of the largest commercial real estate mortgage and equity investors in the U.S. The partnership, which extends the term of the existing venture, Grocery Retail Partners I LLC (GRP I), by 10 years to 2036, will see PECO acquire 13 high-quality, grocery-anchored shopping centers currently owned and operated by the company. The portfolio is valued at approximately $377.5 million.

The 13 assets are located in suburban neighborhoods and are merchandised with a strong line-up of necessity-based goods and services, including dominant grocers, restaurants, and medical retail, as well as health, wellness, and personal service uses.

The joint venture will be structured so that Northwestern Mutual and PECO will retain approximately 86% and 14% interest, 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 is expected to occur in stages, with this initial stage seeding approximately half of the assets into the venture. Additional transfers under the existing agreement are expected to be completed by early 2027, and the timing and composition of future closings may change.

Following the completion of the expanded joint venture, PECO’s unconsolidated joint venture portfolio is expected to include more than 40 shopping centers across 17 states and will be valued at approximately $1.2 billion of assets under management. Phillips Edison & Company, founded in 1991, has generated strong results through its vertically-integrated operating platform and national footprint of well-occupied shopping centers. PECO’s centers feature a mix of national and regional retailers providing necessity-based goods and services in fundamentally strong markets throughout the United States. PECO’s top grocery anchors include Kroger, Publix, Albertsons, and Ahold Delhaize.

As of June 30, 2026, PECO managed 330 shopping centers, including 302 wholly-owned centers comprising 33.9 million square feet across 31 states and 28 shopping centers owned in three institutional joint ventures. The company is focused on creating great grocery-anchored shopping experiences and improving communities, one neighborhood shopping center at a time.

The partnership with Northwestern Mutual is part of PECO’s capital allocation strategy, which involves 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 the company’s long-term growth and commitment to delivering stakeholder value, while maintaining balance sheet strength and a disciplined approach to investing that have always defined PECO.

The release states that the company uses, and intends to continue to use, its Investors website, which can be found at investors.phillipsedison.com, as a means of disclosing material nonpublic information and for complying with its disclosure obligations under the Private Securities Litigation Reform Act of 1995. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Such statements are subject to known and unknown risks and uncertainties, which could cause actual results to differ materially from those projected or anticipated, including the risk factors and other risks and uncertainties described in the Company’s 2025 Annual Report on Form 10-K, filed with the SEC on February 10, 2026, as updated from time to time in the Company’s periodic and/or current reports filed with the SEC, which are accessible on the SEC’s website at www.sec.gov.