The Inland Western Retail Real EstateTrust—one of the largest unlisted REITs in the nation—has bought 10 separate retail properties in 7 states. Inland spent roughly $350 million on the combined sale, and the acquisition will bring another 2 million sq. ft. of leasable retail space into the Inland portfolio.
"In today’s marketplace, our reputation for closing on properties in only 30 days and our ability to pay all cash without any financing contingencies, certainly gives us an edge in obtaining high quality properties in prime locations," says Joe Cosenza, chairman of Inland Real Estate Acquisitions, Inc.
The Peoria Crossings Shopping Center in Peoria, Ariz., the Arvada Marketplace in Arvada, Colo., and the North Rivers Town Center in Charelston, S.C. are among the properties that Inland bought.
Inland Western REIT started buying properties late in 2003. Its entire retail portfolio now consists of more than 4.3 million sq. ft. of space valued at nearly $1 billion. The REIT is sponsored by Oak Brook, Ill.-based Inland Real EstateCorporation.