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Inland Pays $69M for New 620,000-SF Retail Center

AVONDALE, AZ-A partnership sells 318,410 sf the 620,000-sf Gateway Pavilion for $68.8 million to Inland Western Retail Real Estate Trust Inc. The newly constructed center is 92% leased, to tenants includingCircuit City and the Sports Authority.

By Jennifer D. Duell | Updated on January 02, 2005

For more retail coverage, click GlobeSt.com/RETAIL.

AVONDALE, AZ-As part of its aggressive expansion in the Valley, Inland Western Retail Real Estate Trust Inc. has paid $68.8 million for 318,410 sf of the 620,000-sf Gateway Pavilion. The Oak Brook, IL-based REIT has the option to purchase the remaining portion upon completion later in 2005.

A partnership between Phoenix-based Kitchell Development Co. and Williamsville, NY-based Eastbourne Investments Ltd. developed and sold Gateway Pavilion after negotiations with Inland began in May, says Lou Quilici, SVP of acquisitions for Inland. The center traded for $216 per sf.

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