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Inland Pays $257 per SF for Two Eckerd Stores

GREENVILLE, SC-The Oak Brook, IL-based REIT continues its year-long buying spree, paying $5.6 million for two Eckerd properties in South Carolina. Inland Retail has snapped up more than 2.3 million sf of retail space this year, all of it in the Southeast.

By Mark Clothier | Updated on December 24, 2001

GREENVILLE, SC-Inland Retail Real Estate Trust Inc. of Oak Brook, IL has bought two stand-alone Eckerd drugstores in separate South Carolina transactions for the highest per-sf price it has paid for an acquired asset this year–$256.69 per sf.

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.

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