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Inland Retail Purchases $131.4M Portfolio

JERSEY CITY, NJ-Inland Retail Real Estate Trust, an Oak Brook, IL-based REIT, enters the Garden State real estate marketplace as it purchases a seven-property 721,000 sf mixed-use portfolio for $131.4 million.

By Barbara Jarvie | Updated on May 20, 2003

JERSEY CITY, NJ-Inland Retail Real Estate Trust Inc. of Oak Brook, IL, has purchased a 721,000-sf New Jersey retail/mixed-use portfolio from Starwood Heller LLC and Starwood Heller II LLC. Cushman & Wakefield’s Metropolitan Area Financial Services Group (FSG) represented the seller and procured the buyer for the two-part, $131.4 million transaction. Joe Cosenza and outside counsel Charles Benvenuto represented Inland Retail in these transactions. Matthew Winn of Starwood Heller LLC and Andrew J. Merin, executive VP, Cushman Wakefield represented Starwood Heller LLC.

The sale involves seven properties. Six, consisting of five retail centers and one mixed-use retail/multi-family property, closed in mid-May; a seventh shopping center on Route 22 in Union is scheduled to close in late June.

“With this portfolio, we’ve added some of the top names in retail,” says Joe Cosenza, chairman, Inland Real Estate Acquisitions Inc. “We’ve added six top-tier centers in an area with some of the best demographics in the nation. These centers are an average of only about six years old, meaning they offer the latest designs the retailers have to offer,” he adds.

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