ORLANDO-Inland Retail Real Estate Trust Inc. of Oak Brook, IL has purchased its 30th Florida retail property and ninth in Orlando with the $11.41 million acquisition of the three-year-old, 100%-occupied, 78,625-sf Circuit City Shopping Center at the northeast corner of Good Homes Road and West Colonial Drive in west Orlando.

The Illinois-based REIT paid CAP Orlando Ltd. and Centennial American Properties LLC $145.11 per sf, one of the highest per-sf prices Inland has paid for a property this year. But that isn't fazing the privately held REIT.

“We feel the Orlando market is one of the hottest retail areas in the nation and we're please to add this prime retail property to our portfolio,” Steve Sanders, senior vice president, Inland Real Estate Acquisitions Inc., says in a prepared statement.

The 16-tenant community center is anchored by a 28,446-sf Circuit City store and a 24,049-sf Staples. The property is one mile east of the 1.1 million-sf, 120-store West Oaks Mall.

“The location of the property and strong national anchor tenants make this a great fit for us,” Sanders says from his Holmes Beach, FL office. Sanders and outside counsel Charles Benvenuto represented Inaland Retail in the transaction. Orlando broker David W. Glenn negotiated for the seller.