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Inland Pays $204 per SF for NC Circuit City Unit

ATLANTA-The Oak Brook, IL-based REIT paid Lakepointe North Carolina Investment Properties LLC $5.68 million for the 27,891-sf, fully leased retail asset in Cary, NC.

By Marita Thomas | Updated on October 09, 2002

ATLANTA-Oak Brook, IL-based Inland Retail Real Estate Trust has bought a 27,891-sf Circuit City store in Cary, NC for $5.68 million or about $203.65 per sf from Lakepointe North Carolina Investment Properties, LLC.

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.

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