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Inland Buys Overlook at King of Prussia for $57M

KING OF PRUSSIA, PA-As the Oak Brook, IL-based retail REIT moves northward,

By Marita Thomas | Updated on March 10, 2003

KING OF PRUSSIA, PA-Inland Retail Real Estate Trust, the Oak Brook, IL-based REIT that has been gobbling up shopping centers throughout the Southeast over the past several months, has paid $57 million, or a hefty $304.84 per sf, for Overlook at King of Prussia, a 186,980-sf power center here. The seller is Orix Ram Montgomery Venture, an Illinois-based general partnership.

Chicago-based Orix Real Estate Equities Inc. built the center, located at 310 Goddard Blvd., last year. According to published reports, bidding on the center was fierce. Overlook is less than a mile from the larger King of Prussia Plaza. It is fully leased to five tenants, and there is room for expansion.

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