OAK BROOK, IL—Inland Real Estate Income Trust, Inc. has just acquired, in separate transactions, two shopping centers located in TX and FL. The 148,529-square-foot Mansfield Pointe Shopping Center in Mansfield, TX, was acquired for $28.4 million, and the 63,829-square-feet North Hills Square Shopping Center, located in Coral Springs, FL, was acquired for $11.05 million.
Lou Quilici, senior vice president of IREIT Business Manager & Advisor, Inc., the trust's business manager, and Matthew Tice, vice president of Inland Real Estate Acquisitions, Inc., handled both purchases.
The Mansfield center is located on US Highway 287 in Mansfield, an affluent suburb in the Dallas/Fort Worth metropolitan area. The center was 96.7% occupied at closing by tenants that include Sports Authority, PetSmart, Bed Bath & Beyond, Party City and Half Price Books. The property is shadow-anchored by a SuperTarget, which includes a grocery store, and a Home Depot, neither of which were acquired.
North Hills Shopping Center is located on University Dr., a major thoroughfare in the Coral Springs area, and sits about 15 miles southwest of Boca Raton. A Wal-Mart Neighborhood Market, Wal-Mart's standalone grocery store concept, anchors the center. The property consists of two single-tenant buildings and one multi-tenant building, and additional tenants include Wendy's and Manhattan Bagel. This property was 98% occupied at closing.
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
