Inland Snaps Up Two Power Centers for $86M

ATLANTA-In the largest retail deal of the past two years, Inland Retail Real Estate Trust Inc. of Oak Brook, IL paid Cincinnati-based North American Properties $86 million or an average $99.42 per sf for two suburban power centers totaling 865,000 sf. Individually, Stonecrest went for $35 million; Mill Creek, $51 million.

Area construction industry estimators tell GlobeSt.com that Inland’s per-sf-price was below replacement cost of the two-year-old, 565,000-sf MarketPlace at Mill Creek, located adjacent to the 1.9-million-sf Mall of Georgia in Buford, GA; and the one-year-old, 300,000-sf Stonecrest MarketPlace, adjacent to the six-year-old, 1.3-million-sf Mall at Stonecrest in Lithonia, GA, DeKalb County.

Stonecrest MarketPlace was built for $48 million or about $160 per sf, according to Shopping Center World, a trade publication. If the larger, 53-acre MarketPlace at Mill Creek was built at the same construction cost, the estimated total would have been $90.4 million.