(For more retail coverage, click GlobeSt.com/RETAIL.)
OAK BROOK, IL- Inland Real Estate Acquisitions Inc. has purchased nine grocery-anchored shopping centers in seven states for $79.9 million in a sale-leaseback deal, getting a commitment from that anchor to remain at the centers for another 15 years. The Kroger Co. sold centers totaling nearly 810,000 sf in Georgia, Illinois, Indiana, Michigan, Tennessee, Texas and Virginia.
The centers range in size from the 62,925-sf West Towne Commons in Jackson, TN to the 125,623-sf Highlander Village in Roscoe, IL. A second asset in Tennessee, the 121,222-sf American Way in Memphis, also was acquired by a joint venture that includes an Inland REIT. Kroger also sold two centers in Indiana—115,765-sf Broadmoor Plaza in South Bend and the 102,549-sf Glenlake Plaza in Indianapolis.
Also changing hands were the 68,844-sf Cascade Corners in Atlanta; 68,964-sf Milan Plaza in Milan, MI; 80,738-sf Kroger Junction in Pasadena, TX; and 63,324-sf Kroger Plaza in Virginia Beach, VA.
"This is an unusual sort of sale/sale-leaseback, and a unique bit of real estate magic," says Inland Real Estate Acquisitions president Joe Cosenza. "For Inland, it represents nine new leases with a credit tenant and the chance to lease retail space anchored by one of the nation's most reliable draws of retail traffic. Kroger, meanwhile, gets immediate capital from the value of its retail real estate while focusing on running its industry-leading grocery operations."
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