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Sycamore Commons Sells for $49M to Inland and Costco

ATLANTA-Joint owners Crosland Inc. and Faison Enterprises, both based in Charlotte, sell the 620,000-sf, 100%-leased shopping center for $78.39 per sf.

By Marita Thomas | Updated on August 02, 2002

ATLANTA-Following its acquisition of five shopping centers in the Southeast in less than two months, Oak Brook, IL-based Inland Retail Real Estate Trust adds yet another property that takes the aggregate value of its retail portfolio over the $1-billion mark, according to the company.

Inland paid $39.15 million for a majority stake in the 620,000-sf Sycamore Commons in Charlotte.

The sellers are two Charlotte-based companies, Crosland, Inc. and Faison Enterprises, which jointly developed the center early this year. The total sale price for Sycamore Commons is $48.6 million, or $78.39 per sf, according to a prepared statement from Crosland.

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