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Real Estate Investment Trust Inland Diversified
OAK BROOK, Ill., Aug 09, 2010– Inland Real Estate Acquisitions, Inc. announced today the $20 million purchase of two grocery-anchored shopping centers in Florida on behalf of Inland Diversified Real Estate Trust, Inc. The 66,510-square-foot Lake City Commons, located in Lake City, Fla., was acquired for $10.6 million. The 78,820-square-foot Publix Shopping Center in St. Cloud, Fla. was purchased for $9.4 million. Both properties are anchored by Publix Super Markets, Inc., Florida’s premier grocery retailer. The purchases were facilitated by Mark Cosenza, vice president of IREA.
“As the dominant supermarket chain operating in Florida, Publix has proven to be a very strong anchor for these centers, both of which are 100 percent leased,” Cosenza said. “Both of the grocery stores enjoy outstanding sales volume, attracting strong foot traffic to their supporting line-ups of retailers and restaurants.”
These centers mark the fourth and fifth properties in Inland Diversified’s Florida portfolio. Previously, the company acquired Publix-anchored centers located in Kissimmee and Port St. Lucie, and now owns and manages nearly 700,000 square feet in the state.
“Grocery-anchored centers located in what we believe to be the nation’s strongest markets continue to be an important focus as we build a portfolio of diversified real estate assets,” commented Barry Lazarus, president and chief operating officer of Inland Diversified. “We believe that Florida’s overall pro-business structure, the lack of a state income tax and a Sunbelt climate with a marked appeal to those looking to relocate combine to give the state strong growth potential in the longer term.”
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 120 million square feet of diversified commercial real estate in 47 states, as well as managed assets in excess of $25.3 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.
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.
The tenants listed above may have proprietary interests in their trade names and trademarks. Nothing herein shall be considered to be an endorsement, authorization or approval of Inland by the aforementioned tenants. Further, none of the aforementioned tenants are affiliated with Inland in any manner.
SOURCE: Inland Real Estate Acquisitions, Inc.
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 Two Publix-Anchored Shopping Centers in Florida for 20 Million is brought to you by SimplifyEm Pay Rent Online and Property Management SoftwareYou might also want to read:
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