Inland Real Estate Acquisitions Inc. and Inland Real Estate Corp. announced acquisitions ofassets.
In the largest, Inland Real Estate Acquisitions Inc., announced today the acquisition of two shopping centers in Missouri and Tennessee for a combined total of approximately $74 million. The Shoppes at Branson Hills, a 348,700-sq.-ft. shopping center in Branson, Mo., was purchased for approximately $38.5 million. Hamilton Crossing, a 175,458-sq.-ft. shopping center located in Alcoa, Tenn., was purchased for approximately $35.5 million. Both properties were acquired on behalf of Inland Diversified Real Estate Trust, Inc.
Matt Tice, vice president of Inland Real Estate Acquisitions, facilitated the purchase of Shoppes at Branson Hills. Tenants at the center include Home Depot, Petco and Bed Bath & Beyond. Theis shadow-anchored by Target and Super Wal-Mart, which were not purchased. A Sam’s Club is scheduled to be built at the center in 2013, adding an additional shadow anchor.
Lou Quilici, senior vice president of Inland Real Estate Acquisitions, facilitated the purchase of Hamilton Crossing. The center’s tenant roster includes Dick’s Sporting Goods, Ross Dress for Less, PetSmart, Old Navy, Rue 21 and Michaels, and the property was 100 percent leased at closing.
In a separate deal, Inland Real Estate Corp. contributed $15 million to its joint venture with Inland Private Capital Corp. (IPCC) to acquire for an aggregate purchase price of $40.8 million, excluding closing costs and adjustments, two portfolios that include a total of seven single-tenant retail properties aggregating 95,630 sq. ft. of gross leasable area.
The IRC-IPCC joint venture acquired a portfolio of two free-standing stores net leased to CVS Pharmacy and one asset that is net leased to Walgreens, for a purchase price of $17.1 million. The venture also acquired for $23.7 million a second portfolio which includes one asset that is net leased to CVS, plus three properties that are net leased to Walgreens. The stores range in size from 12,900 to 14,490 sq. ft. of GLA and are located in seven states across the United States. Simultaneous with the closing, the IRC-IPCC joint venture placed loans totaling $25.8 million on the portfolios.
Finally, Inland Real Estate Corp. contributed $33.0 million to its joint venture with IPCC to acquire two retail properties in Wisconsin. The joint venture purchased a neighborhood shopping center anchored by a Pick ’n Save grocery located in the Village of Mt. Pleasant in southeast Wisconsin, for approximately $21.3 million, and a single-tenant property leased to Pick ’n Save in Sheboygan, Wisconsin, for approximately $11.7 million.
The Pick ’n Save-anchored shopping center totals 83,233 sq. ft. plus a Texas Roadhouse operating on a ground. The center is currently 98 percent leased and additional tenants include U.S. Cellular, Aspen Dental and Mattress Firm.
The freestanding 62,138-sq.-ft. Pick ’n Save grocery store, located in Sheboygan, opened in 2010, replacing an older store located nearby.
For more recent retail deals, go to RetailTraffic.com.