Inland Picks Up Two Suburban Centers for $24M

ATLANTA-Topping the 15-million-sf portfolio mark for the first time, Oak Brook, IL-based Inland Retail Real Estate Trust Inc. has added the 121,774-st Market Square Shopping Center in Douglasville, GA and the 105,321-sf Springfield Park Shopping Center in Lawrenceville, GA to its bulging inventory at a combined price of $23.9 million or an average $105.37 per sf.

Inland paid Market Square Shopping Center LLC $13.05 million or $107.16 per sf for the 29-year-old property 22 miles west of Downtown Atlanta. In Gwinnett County, the REIT paid Springfield Park LLC $10.88 million or $103.30 per sf for the 15-year-old center 30 miles north of Downtown. The acquisitions bring Inland’s property county to 135 in 12 states, cementing its title as the most aggressive shopping center buyer in the Southeast.

“This is a continuation of our acquisition’s strategy from last year in which we purchased more than eight million sf of retail space valued at more than $1 billion,” says Steve Sanders, senior vice president, Inland Real Estate Acquisitions Inc. “And we have more than $600 million of properties in the pipeline” to possibly close in 2003.