The REIT paid $8.5 million for the 101,982-sf Northpoint Marketplace in Spartanburg, SC; $4.35 million for 55,316-sf Hampton Point in Taylors, SC, and $5.2 million for 51,847-sf Oleander Shopping Center in Wilmington, NC.
Northpoint is anchored by a 65,000-sf Ingles Super Market. It was built in 2001. Among the other tenants are Subway, ABC Liquor Store and Dollar City. While the occupancy at Northpoint was not disclosed, an Inland spokesman tells GlobeSt.com that, although this new center is not fully occupied, "Inland has a master lease from the seller to cover rent for any vacant space."
The seller is Chagrin Falls, OH-based Jaylin Spartanburg South LLC. Attorney Bob Blatner represented Jaylin. Steve Sanders, senior vice president of Inland Real Estate Acquisitions, and outside counsel Charles Benvenuto represented Inland.
Hampton Point is anchored by a 45,116-sf Bi-Lo grocery store and is 100% occupied. The center is adjacent to the 192,000-sf Taylors Square Shopping Center, which is anchored by Wal-Mart. Hampton Point was built in 1993. In 2000, it was expanded, and Bi-Lo invested $4.2 million in tenant improvements.
Inland bought Hampton Point from SC-based Tapan Investments LLC. Attorney Anne Ellefson represented Tapan. Jason Lazarus, and Inland acquisitions associate; Benvenuto, and outside counsel Andrew Viola, represented the buyer.
A 45,902-sf Lowes Food Store anchors Oleander, which also has Blockbuster Video and SuperCuts as tenants and is fully occupied. Oleander was built in 1989 and is adjacent to the 690,000-sf Independence Mall. NC-based Faison-Oleander LLC sold the property and was represented by David Lampke. Sanders and Benvenuto represented Inland.
The Inland portfolio now contains approximately 8.5 million sf of retail space in 56 centers throughout the Southeast. The three new centers join five already owned by Inland in the Carolinas, where its total stake now approaches 1 million sf. It owns 20 grocery-anchored shopping centers in Georgia alone.
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