Inland Buys 27 Acres for Shopping Center Development

TAMPA, FL-Inland Retail Real Estate Trust Inc., the largest retail investor in the Southeast, is reversing its role of buying retail properties outright. Instead, the Oak Brook, IL-based REIT is developing Shoppes at Golden Acres, a 27-acre, 89,070-sf center in New Port Richey, a retail hot market on the Gulf of Mexico, 20 miles north of Tampa, FL.

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.