Phillips Edison purchased Bridgewater Falls, which is anchored by Target, Best Buy and JCPenney stores, for $43 million in 2010 from Wachovia Bank. At that time, the Fairfield Twp. shopping center’s occupancy was 85 percent. A year ago, the most recent information available, the occupancy rate stood at 97 percent, Phillips Edison spokesman Phillip Crowley said in 2013.
Original owner Premier Properties USA defaulted, and Bridgewater Falls had been sold at a sheriff’s sale to Wachovia.
Visible from Ohio 129, Bridgewater Falls consists of 635,000-square-feet along Princeton Road. Target was the first store to open on the 60-acre site in late 2004 and the rest of the center opened in 2005, mall representatives have said before.
Shannon Hartkemeyer, president of the Fairfield Twp. trustees, said, “We appreciate the close relationship we had with Phillips Edison, and we look forward to continuing that with (the new ownership group.)”
Officials with Phillips Edison did not return calls or emails confirming the news.
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