Inland Buys 65% Interest in Stonebridge

ATLANTA-Inland Retail Real Estate Trust of Oak Brook, IL has an ownership interest in nine Atlanta retail assets with the purchase of a 65% interest in the just-completed, 160,198-sf, 90%-leased Stonebridge Square Shopping Center in suburban Roswell, GA, five miles north of Downtown.

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.