Phillips Edison has closed a joint venture with Lexington, Kentucky, developers Pat Madden and Jerry Woodall on a 47-acre plot of land in Frankfort, Kentucky. The acquisition was made through the firm’s $70 million Land Development Fund.
Madden and Woodall initiated development on the plot in 2005. The project currently includes retailer Kohl’s, Starbucks coffee, Dairy Queen ice cream and Cattleman’s Roadhouse restaurant. Several large parcels remain undeveloped including 20 acres adjacent to Kohl’s.
The project, Parkside Crossing, is a 50/50 venture in which Phillips Edison will manage and lease the site and Madden and Woodall will be responsible for development.
“The opportunity to find land fully entitled with much of the infrastructure in place at a highway exit is exactly with we put the Land Fund together,” Phillips Edison vice president Scott Mitchell said in a statement.
The Land Development Fund closed on $70 million in 2007 and is targeting developments in Arizona, Colorado, Idaho, Kentucky, Ohio, South Carolina, Tennessee, Utah and Virginia.
Cincinnati, Ohio-based Phillips Edison is currently raising a $500 million retail fund, Phillips Edison Fund IV, focused on distressed neighbourhood and community shopping centres across the US. The fund held a second close on $170 million last April shortly before purchasing the 129,914-square-foot Deerfield Plaza in Omaha, Nebraska.