CHARLOTTE, NC-In a bold move across three states, Inland Real Estate Acquisitions has snapped up a slew of retail properties for a combined $80.6 million. The properties span Florida, Georgia and North Carolina.
“We believe that these stabilized retail centers, leased to national credit tenants, complement our existing retail portfolio,” says Barry Lazarus, president and COO of Inland Diversified. “The purchase of Perimeter Woods, our second in Charlotte, demonstrates our confidence in the market, and we believe the Walgreens-anchored centers offer the stability of a leading necessity-based retailer.”
About $54 million went toward the acquisition of Perimeter Woods Shopping Center in Charlotte, NC. Matt Tice, vice president of Inland Real Estate Acquisitions, facilitated the purchase of the 303,353-square-foot Perimeter Woods, which is anchored by Lowe’s and Best Buy. Perimeter Woods was about 97% leased at closing. PetSmart, Off Broadway Shoes and Office Max are also tenants.
“Aside from a strong line-up of national retailers, the acquisition of Perimeter Woods increases Inland Diversified’s retail footprint in the area,” Tice says. “The property is located across from NorthCrest Shopping Center, a center we acquired in March from the same seller, giving Inland Diversified control of adjacent retail corners.”
About $26.6 million went toward the purchase of three Walgreens-anchored shopping centers located in Florida, Georgia and North Carolina. The properties were acquired on behalf of Inland Diversified Real Estate Trust.
Mark Cosenza, vice president of Inland Real Estate Acquisitions, facilitated the purchase of the three Walgreens-anchored properties, which include a 21,370-square-foot center in Lake Mary, FL, a 22,385-square-foot center in Conyers, GA, and a 42,219-square-foot center in Jacksonville, NC.
“All three of these shopping centers are recently constructed or redeveloped and located in what we believe are stable markets with good demographics,” Cosenza says. “Walgreens is the primary tenant at each of the centers, occupying 25-year triple net leases that extend through 2036. The addition of the strip center portions provides for growth through existing leases and the ability to further increase returns with additional lease-up.”
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