The Oak Brook, IL company paid an average $105.83 per sf for the shopping centers.
In Clayton, NC, Inland bought the three-year-old, 125,648-sf Clayton Corners Shopping Center from Glenwood Clayton Co. LLC of Mooresville, NC for $15 million, or $119.38 per sf. The 100%-leased property is 15 miles southeast of Raleigh, NC. A 45,374-sf Lowes Food Store anchors the center.
Steve Sanders, senior vice president, Inland Real Estate Acquisitions Inc and outside attorneys Charles Benvenuto and Andrew Viola negotiated for Inland. John S. Amois of Glenwood Development LLC, Mooresville, NC, represented the seller.
In Norcross, Inland paid Hendon/Atlantic Rim Jones Bridge LLC, a Georgia-based company, $7.9 million or $94.77 per sf for the three-year-old, 83,363-sf Jones Bridge Plaza, 20 miles northeast of Downtown Atlanta. A 62,603-sf Ingles Supermarket anchors the 100%-leased center.
Joe Cosenza, chairman, Inland Real Estate Acquisitions Inc., and Karen Kautz, the firm's senior vice president, negotiated for Inland. Charlie Hendon and Rick Carson of Hendon Properties and attorney Eric L. Sidman represented the seller.
In Dothan, AL, Inland purchased the 149,085-sf, 97%-occupied Shops on the Circle from Charlotte-based Faison Shops on the Circle LLC for $15 million or $100.61 per sf. The 97%-occupied center is 90 miles northwest of Tallahassee, FL and adjacent to the Wire Grass Commons shopping mall at the southeast corner of Ross Clark Circle (State Road 210) and Montgomery Highway (State Road 231).
Among the property's anchors are TJ Maxx, Old Navy, Office Max, PetsMart and Shoe Carnival. Sanders, Benvenuto and Viola represented Inland. David Lampke negotiated for Faison.
"Inland Retail now has approximately 100 prime retail properties in its portfolio," Cosenza says in a prepared statement. "We also have more than $1 billion of additional properties under contract of which we plan to close on about half by year's end and the rest should follow in the first quarter of 2003."
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