Real Estate Investment Company Inland
OAK BROOK, Ill., Jun 14, 2010– Inland Real Estate Acquisitions, Inc. (IREA) announced today the $67 million acquisition of two high quality shopping centers on behalf of Inland Diversified Real Estate Trust, Inc. (”Inland Diversified”). Draper Crossing in Draper, Utah, a 166,845-square-foot grocery-anchored shopping center, was purchased for $23.5 million. Regal Court in Shreveport, La. a 343,457-square-foot shopping center anchored by JC Penny, was acquired for $43.5 million.
“These acquisitions reflect our strategy of building a geographically diverse portfolio of quality retail properties,” commented Barry Lazarus, president and chief operating officer of Inland Diversified. “By concentrating on the strongest markets across the country, we are able to build a stable portfolio that will provide exceptional value to the company and our stockholders.”
“Although IREA acquires properties on behalf of Inland Diversified, we do not charge the REIT an acquisition fee as other non-traded REITs do,” said Joe Cosenza, president of IREA and the vice chairman of The Inland Group. “We know that this business practice, combined with Inland Diversified’s commitment to never use offering proceeds to cover distributions to shareholders as described in its prospectus, is a critical element in Inland Diversified’s commitment to shareholder value.”
Located around 20 miles from Salt Lake City at the foot of the Rocky Mountains, Draper Crossing was constructed in 1998 and expanded in 2003. The shopping center was 96 percent leased at closing and is anchored by Smith’s Food & Drug, a subsidiary of Kroger, one of the nation’s largest retail food companies. Other tenants include TJ Maxx, Quizno’s and AllState.
“Draper Crossing is a wonderful property to mark our entry into the Western U.S.,” Lazarus said. “The Utah job market has remained strong, particularly in Salt Lake City. Draper Crossing is in one of Salt Lake Valley’s largest and fastest-growing east-side retail corridors and we’re currently considering additional acquisitions in the area.”
Regal Court was completed in 2008. The center was 96 percent leased at closing, and major tenants include JC Penny and Kohl’s, as well as Dick’s Sporting Goods, K & G Men’s Warehouse, DSW shoes, Buffalo Wild Wings and TGI Friday’s. The property is located along “retail row” on the west side of Shreveport, across from retailers like Target, Best Buy, Sam’s Club and TJ Maxx, drawing from a population of more than 134,000 people within a five-mile radius.
“This is the city’s prime retail stretch,” commented JoAnn Armenta, president of property management for Inland Diversified. “The quality and variety of retailers in the area mean people are willing to travel to shop there.”
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.
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 collectively the as second fastest-growing acquirer of retail property in the United States (Chain Store Age, May 2009), 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). Inland-sponsored companies own and manage in total over 115 million square feet of diversified commercial real estate in 47 states, as well as managed assets in excess of $24.9 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.
This is a blog post for Real Estate Professionals, Investors, Landlord, Property Manager, and Property Management Companies. Inland Real Estate Acquisitions, Inc. Announces the Purchase of Shopping Centers in Utah and Louisiana for $67 million is brought to you by SimplifyEm Pay Rent Online and Property Management Software
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