Inland paid Tampa-based AG Development Group Inc. $3.77 million or $121,111 per acre ($2.78 per sf) for a 27-acre tract at the southeast corner of Little Road and Fox Hollow Drive. The REIT broke ground this week and expects the project to be completed by year end.

AG Armstrong Development LLC is building the center that will be anchored by a 44,271-sf Publix Supermarket at an estimated hard construction cost of $3.56 million or about $40 per sf. AG Armstrong Development LLC is a joint venture between AG Development Group Inc. and Gustine Co. of Pittsburgh, PA.

Inland is funding the venture and will own it on completion. Shoppes at Golden Acres is Inland's 45th property, bringing its total portfolio to 6.76 million sf. In Florida, Inland has 23 properties totaling 4.23 million sf.