OAK BROOK, Ill.--(BUSINESS WIRE)--Inland Real Estate Acquisitions, Inc. announced today the acquisition of the 99,734-square-foot Lima Marketplace shopping center in Fort Wayne, Indiana for approximately $15.2 million. The property was acquired on behalf of Inland Diversified Real Estate Trust, Inc. and the purchase was facilitated by Mark Cosenza, vice president of Inland Real Estate Acquisitions.
“This is a brand new center on the busiest street in Fort Wayne, in an affluent area that we believe is poised for future growth,” Cosenza said. “Lima Marketplace is located on the north side of the city and benefits from excellent demographics, including a three-mile population of more than 31,000 with an average household income of around $76,000. In addition, the Parkview Regional Health Center being developed nearby will draw additional traffic to the trade area, positioning the center for long-term viability.”
Major tenants at Lima Marketplace include Aldi, Office Depot, PetSmart and Dollar Tree. The shopping center is shadow-anchored by a Wal-Mart, which Inland Real Estate Acquisitions did not acquire.
“The purchase of Lima Marketplace reflects our commitment to acquire quality stabilized properties in markets we are familiar with,” said Barry Lazarus, president and chief operating officer of Inland Diversified. “The strong tenant lineup and strategic position of Lima within the Fort Wayne commercial corridor makes this an attractive addition to our portfolio.”
About Inland Real Estate Acquisitions, Inc.
Inland Real Estate Acquisitions, Inc. is the purchasing arm for various entities that are a part of The Inland Real Estate Group of Companies, Inc. (“Inland”). Headquartered in Oak Brook, Ill., Inland has been ranked one of the largest shopping center owners in North America (Retail Traffic, March/April 2010) and one of the top managers of retail property in the United States (Retail Traffic, March/April 2010), and named the winner of the Torch Award for Marketplace Ethics by the Better Business Bureau of Chicago and Northern Illinois (December 2009). As of September 30, 2010, Inland-sponsored companies owned and managed in total over 123.4 million square feet of diversified commercial real estate in 47 states, as well as managed assets in excess of $25.8 billion. Inland is comprised of a group of independent legal entities some of which may be affiliates, share some common ownership or have been sponsored and managed by subsidiaries of Inland Real Estate Investment Corporation. For additional information, please refer to Inland’s website at www.inlandgroup.com.
About Inland Diversified Real Estate Trust, Inc.
Inland Diversified Real Estate Trust, Inc. (“Inland Diversified”) is a public, non-listed real estate investment trust (REIT) that focuses on acquiring and developing commercial real estate located in the United States and Canada, as well as the potential acquisition of other REITs or real estate operating companies. For additional information, please refer to Inland Diversified’s website at www.inlanddiversified.com.