The acquisition was the REIT's 19th in Florida. The acquired Aberdeen Square Shopping Center is at Le Chalet Boulevard and Military Trail.
This is the second retail property the REIT has acquired in South Florida. It owns Boynton Commons Shopping Center, a 210,772-sf property also in this Palm Beach County community, 58 miles north of Downtown Miami.
In addition to the South Florida properties, the REIT owns 17 other retail centers in Florida totaling 2.1 million sf of space. Throughout the country, it owns 29 retail properties totaling 3.64 million sf.
In the Aberdeen Square deal, the REIT acquired a shopping center that is posting a 97% occupancy rate and is anchored by a Publix Grocery Store. Sales at that Publix store increased about 9% to $28 million from $26 million between 1999 to 2000, according to information Publix provided to the REIT.
Steve Sanders, senior vice president of affiliated Inland Real Estate Acquisitions Inc., and outside counsel Charles Benvenuto represented the REIT in the acquisition.
"This center is reporting strong sales increases over the past two years, and the area is experiencing continued growth," Sanders says in a prepared statement. "This center is surrounded by high-income growth, including a 2,500 home, master-planned community with homes priced up to $400,000."
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