Inland Real Estate Income Trust, Inc. (Inland Income Trust), a public non-traded REIT, recently acquired a 253,903 square-foot property named The Shoppes at Market Pointe in Papillion, Nebraska for $27.4 million.
Developed in 2006, the shopping center is anchored by Lowe’s and Kohl’s plus includes other retailers like Payless ShoesSource and America’s Best Contacts & Eyeglasses. The center also offers several fast-casual restaurants like Arby’s, Five Guys, and Panera Bread.
“We are thrilled to add The Shoppes at Market Pointe to our growing retail portfolio,” commented JoAnn McGuiness, President and COO of Inland Income Trust.
She continued, “With its solid national tenant line-up, strong demographics and an ideal location drawing nearly 74,000 residents within three miles, the center fits within our company’s strategy to acquire high quality multi-tenant retail assets.”
As of the acquisition date, The Shoppes at Market Pointe was 99.4 percent leased. Not part of this acquisition is a Walmart Supercenter that shadow anchors the property.
Inland Income Trust focuses primarily on acquiring multi-tenant, necessity-based shopping centers that would be considered neighborhood retail centers.