OAK BROOK, Ill.--(BUSINESS WIRE)--Inland Real Estate Acquisitions, Inc. (“Inland”) announced today the acquisition of Shoppes of Madison, a shopping center in Madison, Ala., for approximately $24.8 million. Inland acquired approximately 110,000 square feet of the shopping center, which is shadow anchored by a separately-owned 136,000-square-foot Target store, which was not acquired. Completed in 2012, the center is home to Ross Dress for Less, Petco and Dollar Tree. Lou Quilici, senior vice president, facilitated the transaction.
“Shoppes of Madison is located along a busy retail corridor in Madison, near major retail draws like Wal-Mart, Publix Super Markets and Home Depot, providing a steady stream of shoppers to the area,” Quilici said. “We believe Madison, one of the fastest-growing cities in Alabama over the past 10 years, is an attractive area to own retail, offering higher-than-average household incomes.”
Additional tenants at the center, which were not acquired in this transaction, include Panera Bread, National Bank of Commerce and Mexican Cantina.
About Inland Real Estate Acquisitions, Inc.
Inland Real Estate Acquisitions, Inc. facilitates acquisitions 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 and managers in North America (Retail Traffic, May 2012) and the fastest-growing acquirer of retail property in the U.S. (Chain Store Age, May 2013). As of March 31, 2013, Inland-sponsored companies owned and managed in total over 88.2 million square feet of diversified commercial real estate in 48 states, as well as managed assets in excess of $20.8 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 Inland Real Estate Investment Corporation or its subsidiaries. For additional information, please refer to Inland’s website at www.inlandgroup.com.
