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Six Area Shopping Centers Part of $424M Deal

ATLANTA-Inland Real Estate buys 16 properties totaling 3.6 million square feet around the Southeast.

By Carl Cronan | Updated on March 04, 2010

ATLANTA-Six suburban shopping centers are among a portfolio of 16 properties purchased Thursday by Oak Brook, IL-based Inland Real Estate Acquisitions Inc. The centers, which total nearly 3.6 million square feet and are primarily in the Southeast, were bought from a joint venture between TIAA-CREF and Developers Diversified Realty for $424 million, or just under $120 per square foot.

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.

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