Inland Retail has added seven Georgia shopping centers to its growing portfolio. All told, the $200 million acquisition flurry adds 1.4 million sq. ft. of gross retail space into unlisted REIT’s portfolio.
Inland, one of the most prolific buyers of retail properties, already owns roughly 7 million sq. ft. of retail property in the metropolitan Atlanta market. The Oak Brook, Ill.-based REIT owns more than 20 million sq. ft. of retail property east of the Mississippi River.
"In addition to the economies of scale this creates for our property management team, our presence in this market gives retailers one company they can turn to when looking for multiple locations in Atlanta," says Joe Cosenza, chairman of Inland Real Estate Acquisitions.
Of the seven properties acquired, the Barrett Pavilion in Kennesaw, Ga., was the most expensive at $80 million. The 461,597 sq. ft. community shopping center, sold by Thomas Enterprises, is anchored by Old Navy, T.J Maxx Home Goods Store and Goody’s. The smallest and least expensive property purchased by Inland was a single tenant retail building occupied by apparel retailer Goody’s. Inland paid $2.15 million for the property.