OAK BROOK, Ill.--(BUSINESS WIRE)--Inland Real Estate Income Trust, Inc. announced today the acquisition of the 187,610-square-foot Dogwood Festival Shopping Center located in Flowood, Mississippi, approximately 10 miles northeast of Jackson, Mississippi. Lou Quilici, senior vice president of IREIT Business Manager & Advisor, Inc., facilitated the transaction.
Constructed in 2002, the property is well-situated in a high-traffic residential and retail corridor directly off of Highway 25, attracting residents within a one-mile radius with average household incomes of $71,000.
Dogwood Festival Shopping Center is 97.8 percent leased to 36 tenants, including T.J. Maxx, HomeGoods, Old Navy, Gap, Men’s Wearhouse, Hibbett Sports and several other national tenants. The property is shadow-anchored by Belk, an upscale department store, which was not acquired.
About Inland Real Estate Income Trust, Inc.
Inland Real Estate Income Trust, Inc. was formed to acquire, directly or through joint ventures, a portfolio of commercial real estate located throughout the United States. Inland Real Estate Income Trust, Inc. is focused on acquiring primarily core multi-tenant retail assets. Inland Real Estate Income Trust, Inc. is sponsored by Inland Real Estate Investment Corporation.
About IREIT Business Manager & Advisor, Inc.
IREIT Business Manager & Advisor, Inc., an Illinois corporation and a wholly owned subsidiary of Inland Real Estate Investment Corporation, is the business manager of Inland Real Estate Income Trust, Inc. In addition to its other duties for Inland Real Estate Income Trust, Inc., IREIT Business Manager & Advisor, Inc. focuses on identifying and acquiring real estate assets for Inland Real Estate Income Trust.
