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For $15M, Inland Puts Three Carolina Properties Into its Grocery Cart

ATLANTA-Inland's shopping center shopping spree adds three more grocery-anchored properties to its cart. All in the Carolinas, the newest trio cost $15 million and brings the Illinois-based REIT's June 2002 tally of retail purchases in the Southeast to 12.

By Marita Thomas | Updated on June 21, 2002

ATLANTA-Keeping its promise to buy more grocery-anchored shopping centers in the Southeast within weeks of an early-June purchase in Georgia, Oak Brook, IL-based Inland Retail Real Estate Trust has added three centers in the Carolinas for a total of $15 million.

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.”

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