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Inland, Kroger Strike 'Magical' $80M Sale-Leaseback

OAK BROOK, IL-The retail property owner picks up nine centers from the grocery chain, which signs 15-year leases to remain the anchor at the assets totaling nearly 810,000 sf.

By Mark Ruda | Updated on December 22, 2005

(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.

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