The Illinois REIT paid Charlotte-based JDH & Associates $5.6 million or $2.8 million each for the identical 10,908-sf buildings. Inland has been averaging about $100 per sf in purchases this year.
The properties are at Augusta and White Horse Roads in Greenville; and at Pine and McCravy Streets in Spartanburg. Both buildings, completed in 2000, have 20-year, triple-net leases. Eckerd is responsible for operating costs and any structural repairs.
Steve Sanders, Inland Real Estate Acquisitions senior vice president, and outside counsel Charles Benvenuto represented Inland Retail in the transaction. Gary Davies represented JDH & Assoc.
"Eckerd is a name people trust and a name Inland is proud to be associated with," Sanders says in a written statement. "Their name recognition and the locations make these acquisitions a perfect fit for Inland Retail. We're also looking at the possibility of adding several other Eckerd drugstores in the area."
Inland Retail has bought more than 2.3 million sf of prime retail space this year and has more than two million sf of retail space in the Southeast under contract, mostly in Florida and Georgia.
This is Inland Retail's second investment in the Carolinas. Earlier this month, the REIT paid $15.69 million ($70.29 per sf) for the 223,211-sf Anderson Central Shopping Center in Anderson, SC.
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