Two of the sold centers are located in Duluth: Venture Point, with 335,420 square feet, and Pleasant Hill Square, with 282,137 square feet. Others within and near metropolitan Atlanta are Bartow Marketplace in Cartersville, 375,067 square feet; Hiram Pavilion, 363,695 square feet; Stonecrest Marketplace in Lithonia, 264,584 square feet; and City Crossing in Warner Robins, 190,433 square feet.
Six other centers are located throughout Florida. Sarasota Pavilion is the largest of these, with 324,985 square feet. Others are Gateway Market Center in St. Petersburg, 231,106 square feet; Boynton Commons in Boynton Beach, 210,488 square feet; Sand Lake Commons in Orlando, 189,721 square feet; Paradise Place in West Palm Beach, 69,620; and Universal Plaza in Lauderhill, 49,505 square feet.
The remaining centers include: Sycamore Commons in Matthews, NC, 265,535 square feet; Gateway Plaza in Jacksonville, NC, 101,403 square feet; Anderson (SC) Central, 223,211 square feet; and Ward's Crossing in Lynchburg, VA, 80,936 square feet.
"This portfolio represents the type of core retail real estate assets that play a prominent role in people's everyday lives, and we believe that makes it an attractive investment," Mark Cosenza, vice president of Inland Real Estate Acquisitions, stated in a release. The majority of shopping centers include strong grocery and value-based tenants such as Super Wal-Mart, Publix, Kohl's, Lowe's and Staples, he said, adding, "We think these shopping centers will continue to perform well in all economies."
The purchase was made on behalf of Inland American Real Estate Trust Inc., a public non-traded REIT with a diversified portfolio of commercial real estate assets. CB Richard Ellis' National Retail Investment Group represented the sellers.
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