The 20-year lease on the property is a bond type, triple-net lease under which the tenant pays for all operating expenses, including roof and structure. The store is on Piney Plains Rd. and Walnut St., just south of Route 1/64 in Wake County, about eight miles east of Raleigh, NC.
This purchase, along with Inland's recent previously reported acquisition of Forest Hills Centre in Wilson, NC, gives the REIT 18 properties in the Carolina market, which it began pursuing last year.
In a printed statement, Steve Sanders, senior vice president of acquisitions at Inland, says, "we plan to continue adding prime retail properties from both states to our portfolio."
Sanders and outside counsel Charles Benvenuto and Andrew Viola represented Inland in the Circuit City transaction. Darren Sides of Tulsa, OK-based Stan Johnson Co. and attorney Wesley Graybill of Columbia, SC-based Turner Padgett Graham & Laney represented the seller.
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