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Inland Adds Disney-Area Retail to Bulging Portfolio

ORLANDO-RKM Lakeview Inc. of St. Petersburg, FL sold the four-year-old 54,788-sf Lakeview Plaza shopping center in Kissimmee, FL for $6.15 million. The acquisition is one of 12 Southeast properties that Inland closed during the last two weeks of 2002.

By Alex Finkelstein | Updated on January 08, 2003

ORLANDO-Inland Retail Real Estate Trust Inc. has added a 54,788-sf neighborhood shopping center in suburban Kissimmee to its bulging portfolio, which is nearing 13 million sf and is valued at almost $1.4 billion.

The Oak Brook, IL-based REIT paid RKM Lakeview Inc. of St. Petersburg, FL $6.15 million or $112.25 per sf for Lakeview Plaza, a four-year-old, 96%-leased property at 2340 Fortune Rd., about 15 minutes from Walt Disney World. The acquisition is one of 12 Southeast properties the REIT closed in the last two weeks of last year.

Inland assumed an existing loan of about $3.3 million from Nationwide Life in the deal. Robert J. Sullivan, president of RJS Realty Group in West Palm Beach negotiated for RKM and that firm’s principals, Rich Maloof and Bill Loyd. Steve Sanders, senior vice president of Inland Real Estate Sales Inc. represented Inland.

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