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Inland In $189M NY-Area Deal

OAK BROOK, IL-Inland Western Retail Real Estate picks up another one million sf from a Connecticut investor.

By Mark Ruda | Updated on July 25, 2005

OAK BROOK, IL-Inland Western Retail Real Estate Trust’s most recent buying spree east of the Mississippi River has added five New York and Connecticut centers totaling one million sf for $188.7 million. The centers formerly owned by Connecticut-based investor Lou Ceruzzi have minimal vacancies, with Home Depot an anchor tenant at two of them.

The priciest among the new assets is the 220,631-sf Gardiner Manor Mall in Bay Shore, NY, which cost $65.2 million, or $296 per sf. A King Kullen supermarket, Linens ‘n Things, Old Navy, Staples and Michaels are among the 16 tenants in the center, one of two Long Island properties acquired.

Home Depot, Target and Price Chopper are the largest of 19 tenants at the 438,097-sf Wilton Square center in Saratoga Springs, NY, north of Albany. Inland Western Retail Real Estate is paying $47.1 million for that property.

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