Inland Buys 1.4M-SF Shopping Center

FAYETTEVILLE, GA-Inland Retail Real Estate Trust Inc. of Oak Brook, IL has closed on the largest retail deal of the year in Georgia, purchasing the 1.4-million-sf Fayette Pavilion here for $172 million, or $122.86 per sf.

Retail brokers tell GlobeSt.com the transaction is one of the largest in metro Atlanta in the last seven years. The biggest retail investment deal was recorded in 1996 when Perimeter Center sold for $336 million, according to Atlanta-based Databank. Fayette Pavilion is the largest shopping center in Fayette County and marks the second major deal Inland has completed with Thomas Enterprises of Smyrna, GA.

In July, Inland paid Thomas Enterprises, headed by developer Stan Thomas, a total $201 million, or an average $144.16 per sf, for seven centers in Kennesaw, Smyrna, Hiram, Roswell, McDonough, Augusta and Sylvania, as GlobeSt.com previously reported.