Inland Completes $424M, 3.5 Million SF Acquisition
By Allison Landa
March 9, 2010 – Inland Real Estate Acquisitions Inc. has completed a $424 million acquisition of 16 shopping centers comprising 3.5 million square feet. The acquisition was made from a joint venture between TIAA-CREF and Developers Diversified Realty.
The portfolio includes the Sarasota Pavilion, Gateway Market Center, Boynton Commons, Sand Lake Commons, Paradise Place and Universal Plaza in Florida, Bartow Marketplace, Hiram Pavilion, Venture Point, Pleasant Hill Square, Stonecrest Marketplace, and City Crossing in Georgia, Sycamore Commons and Gateway Plaza in North Carolina, Anderson Central in South Carolina, and Ward’s Crossing in Virginia.
Company officials did not respond to CPE’s request for comment by press time.
“This portfolio represents the type of core retail real estate assets that play a prominent role in peoples’ everyday lives, and we believe that makes it an attractive investment,” Inland vice president Mark Cosenza said in a statement. “Consumers today are focusing on value and convenience, and the majority of these shopping centers have strong grocery and value-based tenants.”
Inland Real Estate Acquisitions is the purchasing arm for various entities that are a part of The Inland Real Estate Group of Companies, Inc. The company is headquartered in Oak Brook, Ill.
