REIT officials did not specify its dollar amount investment in a prepared statement. But based on the center's $21 million development cost, Inland paid Hendon Stonebridge $13.65 milion for a dominant ownership portion. Atlanta developer Charlie Hendon is a principal in Hendon Stonebridge.

Two outparcels, occupied by a bank and a school, are not part of the transaction. An 86,584-sf Kohl's Department Store and a 35,546-sf Linens 'N Things anchor Stonebridge.

The shopping center, in the 600 block of Crossville Road (State Road 92), is comprised of three single-story, multi-tenant buildings. Among the tenants are Radio Shack, Bath and Body Works, Rackroom Shoes and Atlanta Bread Co.

Joe Cosenza, chairman, Inland Real Estate Acquisitions Inc., and outside counsel Charles Benvenuto represented the REIT in the transaction.

"I was attracted to the center, not only because of the quality of tenants and its high-end location, but also the style and craftsmanship in a Charlie Hendon-built property," Cosenza says in the statement.

The acquisition brings the REIT's Georgia portfolio to 1.4 million sf with an estimated aggregate value of $138 million.

IRRETI's total Southeast portfolio in Florida, Georgia and Virginia is 3.57 million sf with an estimated aggregate value of $339 million, based on previously published transactions by GlobeSt.com.

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