Inland bought the two-building, single-story property at the southeast corner of Lithia Pinecrest Road and Bloomingdale Avenue from Shoppes of Lithia Ltd. Steve Sanders, senior vice president, Inland Real Estate Acquisitions Inc., represented Inland. Broker Michael Wagner negotiated for the seller.
In a second Tampa Bay area acquisition, Inland paid Cortez Pointe LLC $26.6 million, or $92 per sf, for the 289,110-sf Cortez Plaza in Bradenton. The single-story property at the southeast corner of US 41 and Cortez Road is anchored by Circuit City, PetSmart and Burlington Coast Factory. The site has five outparcels.
The two acquisitions were part of Inland's purchase of five shopping centers in the Southeast totaling 579,082 sf for an aggregate price of $70.7 million. or an average $122 per sf. A Publix supermarket anchors each of the properties.
"We continue to target grocery-anchored shopping centers because they continue to be the best performers in the industry," says Sanders. "Publix is the leading grocer in the Southeast among the strongest in the nation.
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