Phillips Edison Signs Lease with Dave’s Hot Chicken at Naperville Crossings in Naperville, IL

CINCINNATI–(BUSINESS WIRE)–Phillips Edison & Company (“PECO”) today announced that it has executed a 2,384-square-foot lease with Dave’s Hot Chicken, which will be the newest addition to Naperville Crossings in Naperville, Illinois and the first Dave’s in the Chicago market.

“As a lifelong Naperville resident, I’m excited to bring Dave’s Hot Chicken to the town I love – the restaurant will be a perfect addition to the popular shopping center,” said Raj Patel, President of the Hari Group, which owns the franchise. “The co-founder, Dave, is a chef who trained in Thomas Keller’s Bouchon restaurant organization, and he came up with a simple process – take the best quality chicken, prepare the chicken in a proprietary brine, and after deep frying, top the most tender chicken in the world with one of seven signature spice blends.

Dave’s Hot Chicken is a Los Angeles-based restaurant chain named for co-founder and chef Dave Kopushyan, who started selling hot chicken during a parking lot pop-up in East Hollywood with four childhood friends in 2017. They soon created a cult following. The restaurant’s menu includes fried chicken tenders, served solo or on a slider, plus sides of mac and cheese, slaw, and fries.

“Dave’s will perfectly complement our dynamic mix of retail, restaurant and entertainment options that are popular with local residents. We’re confident that bringing Dave’s to Naperville Crossings will provide increased foot traffic and sales for our Neighbors, which is what we call our tenants,” says Phillips Edison Senior Leasing Agent Andrew Schrage.

Allen Joffe, Managing Broker, Baum Realty Group, LLC, who represented Dave’s Hot Chicken as part of the transaction, added: “We’re excited to bring Dave’s Hot Chicken to the Chicago area, and Naperville Crossings is the perfect launching point for the brand in the market.”

Naperville Crossings is a 146,591-square-foot shopping center anchored by ALDI and featuring national tenants such as MOD Pizza, Starbucks, Potbelly, Panera Bread, and Biaggi’s. The center also includes Orangetheory Fitness, Tide Dry Cleaners, AT&T, Omaha Steaks, Verizon Wireless, and Massage Envy. Naperville Crossings serves a population exceeding 86,900 within a three-mile radius.

About Phillips Edison & Company, Inc.

Phillips Edison & Company, Inc. (“PECO”), an internally-managed REIT, is one of the nation’s largest owners and operators of grocery-anchored shopping centers. PECO’s diversified portfolio of well-occupied neighborhood shopping centers features a mix of national and regional retailers selling necessity-based goods and services in fundamentally strong markets throughout the United States. Through its vertically-integrated operating platform, PECO manages a portfolio of 309 properties, including 283 wholly-owned properties comprising approximately 31.7 million square feet across 31 states (as of September 30, 2020). PECO has generated strong operating results over its 29+ year history and has partnered with leading institutional commercial real estate investors, including TPG Real Estate and The Northwestern Mutual Life Insurance Company. PECO remains exclusively focused on creating great grocery-anchored shopping experiences and improving the communities it serves one center at a time. For more information, please visit www.phillipsedison.com.

PECO uses, and intends to continue to use, its Investors website, which can be found at www.phillipsedison.com/investors, as a means of disclosing material nonpublic information and for complying with its disclosure obligations under Regulation FD.

Contacts

Cherilyn Megill

Phillips Edison & Company

801-415-4373

cmegill@phillipsedison.com

Megan Kivlehan

ICR

646-677-1807

PECOPR@icrinc.com