Illinois REIT Buys Four-Month-Old Retail Center for $111 per SF

ORLANDO-Inland Retail Real Estate Trust Inc., created in 1999 by Oak Brook, IL-based Inland Group, has topped the two million-sf mark in properties owned in Florida and Georgia. It’s newest acquisition is the four-month-old, 65,870-sf Columbia Promenade Shopping Center at Bermuda Avenue (John Young Parkway) and Columbia Avenue in Kissimmee, FL, 20 miles south of Downtown Orlando.

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.”