The Oak Brook, IL-based REIT paid Melbourne Shopping Centers Inc. $46.70 per sf for the 209,217-sf, 96%-leased,, 42-year-old property, just west of the city's central business district and 1 ½ miles from Melbourne International Airport.
The site, at 1301-1441 S. Babcock St., along Hibiscus Street and Sheridan Road, is 40 miles south of Downtown Orlando. Inland didn't wait long to make the purchase.
"This center is in a great location; near business; the beaches and the airport," Steve Sanders, senior vice president, Inland Real Estate Acquisitions Inc., tells GlobeSt.com. "This is a continuation of our purchases in the Orlando area--an area with highly desirable demographics."
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