The REIT paid Columbia Promenade Associates of suburban Winter Park, FL $7.3 million or about $111.39 per sf for the fully leased asset anchored by a Publix Super Market.
"We're actively pursuing more opportunities" in Florida and Georgia, Steve Sanders of Inland Southeast Acquisitions, tells GlobeSt.com. "We're always looking for more neighborhood and community retail centers."
Sanders and Jonathan Gelman represented Inland. Michael Collard of Michael Collard Properties Inc. in Winter Park, negotiated for the seller.
The REIT has grown its portfolio to 2.13 million sf from 1.5 million sf in 1999, its first operating year. According to published analysts' findings, the company avoids a debt load by paying cash for its acquisitions when it can. The firm invests in both single tenant and multi-tenant shopping centers. Inland Retail posted 1999 sales of $6 million.
In Florida, the REIT also owns Conway Plaza, 119,106 sf and Bridgewater Market Place, 58,050 sf, both in Orlando; Casselberry Commons, Casselberry, FL, 227,664 sf; Lake Olympic Square, Ocoee, FL, 85,776 sf; Lake Walden Square, Plant City, FL, 256,155 sf; Merchant Square, Zephyrhills, FL, 74,849 sf; Boynton Commons, Boynton Beach, Fl, 210,772 sf; Countryside, Naples, FL, 73,965 sf; and Gateway Market, St. Petersburg, FL, 231,449 sf.
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