OAK BROOK, Ill.--(BUSINESS WIRE)--Inland Real Estate Acquisitions, Inc. announced today the acquisition of retail properties in Florida, Georgia and North Carolina for a combined $80.6 million. Approximately $54 million went toward the acquisition of Perimeter Woods Shopping Center in Charlotte, North Carolina. The remainder, approximately $26.6 million, was for the purchase of three Walgreens-anchored shopping centers located in Florida, Georgia and North Carolina. The properties were acquired on behalf of Inland Diversified Real Estate Trust, Inc.
Matt Tice, vice president of Inland Real Estate Acquisitions, facilitated the purchase of the 303,353-square-foot Perimeter Woods, which is anchored by Lowe’s and Best Buy.
“Aside from a strong line-up of national retailers, the acquisition of Perimeter Woods increases Inland Diversified’s retail footprint in the area,” Tice said. “The property is located across from NorthCrest Shopping Center, a center we acquired in March from the same seller, giving Inland Diversified control of adjacent retail corners.”
Perimeter Woods was approximately 97 percent leased at closing. Additional tenants include PetSmart, Off Broadway Shoes and Office Max.
Mark Cosenza, vice president of Inland Real Estate Acquisitions, facilitated the purchase of the three Walgreens-anchored properties: a 21,370-square-foot center in Lake Mary, Florida; a 22,385-square-foot center in Conyers, Georgia and a 42,219-square-foot center in Jacksonville, North Carolina.
“All three of these shopping centers are recently constructed or redeveloped and located in what we believe are stable markets with good demographics,” Cosenza said. “Walgreens is the primary tenant at each of the centers, occupying 25-year triple net leases that extend through 2036. The addition of the strip center portions provides for growth through existing leases and the ability to further increase returns with additional lease-up.”
“We believe that these stabilized retail centers, leased to national credit tenants, complement our existing retail portfolio,” said Barry Lazarus, president and chief operating officer of Inland Diversified. “The purchase of Perimeter Woods, our second in Charlotte, demonstrates our confidence in the market, and we believe the Walgreens-anchored centers offer the stability of a leading necessity-based retailer.”
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”), which is comprised 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. Headquartered in Oak Brook, Ill., Inland has been ranked one of the largest shopping center owners in North America (Retail Traffic, March/April 2011). As of December 31, 2010, Inland-sponsored companies owned and managed in total over 126.1 million square feet of diversified commercial real estate in 47 states, as well as managed assets in excess of $25.1 billion.
About Inland Diversified Real Estate Trust, Inc.
Inland Diversified Real Estate Trust, Inc. 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 www.inlanddiversified.com.
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