Inland Acquires $424M Property Package

Inland Real Estate Acquisitions, Inc. (a subsidiary of The Inland Real Estate Group of Companies, Inc.), has completed its purchase of 16 shopping centers from TIAA-CREF and Developers Diversified Realty.  The combined portfolio totaled 3.5 million sq-ft of retail space for a reported $424 million.  “Consumers today are focusing on value and convenience, and the majority of these shopping centers have strong grocery and value-based tenants, like Super Wal-Mart, Publix, Kohl’s, Lowe’s, Bed Bath & Beyond, PetSmart, Staples, Dollar Tree, Marshall’s and Old Navy. We think these shopping centers will continue to perform well in all economies,” said spokesman, Mark Cosenza, VP of Inland Real Estate Acquisitions.

Inland has been an active investor during this challenging period.  For example, last month they sealed a purchase of $154 million worth of retail and residential properties in addition to this month’s acquisition.  The assets included in this current package are:

  • Bartow Marketplace, Cartersville, GA: 375,067 sq. ft.
  • Hiram Pavilion, Hiram, GA: 363,695 sq. ft.
  • Venture Point, Duluth, GA: 335,420 sq. ft.
  • Pleasant Hill Square, Duluth, GA: 282,137 sq. ft.
  • Stonecrest Marketplace, Lithonia, GA: 264,584 sq. ft.
  • City Crossing, Warner Robins, GA: 190,433 sq. ft.
  • Sycamore Commons, Matthews, NC: 265,535 sq. ft.
  • Gateway Plaza, Jacksonville, NC: 101,403 sq. ft.
  • Anderson Central, Anderson, SC: 223,211 sq. ft.
  • Ward’s Crossing, Lynchburg, VA: 80,936 sq. ft.
  • Sarasota Pavilion, Sarasota, FL: 324,985 sq. ft.
  • Gateway Market Center, St. Petersburg, FL: 231,106 sq. ft.
  • Boynton Commons, Boynton Beach, FL: 210,488 sq. ft.
  • Sand Lake Commons, Orlando, FL: 189,721 sq. ft.
  • Paradise Place, West Palm Beach, FL: 69,620 sq. ft.
  • Universal Plaza, Lauderhill, FL: 49,505 sq. ft.
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