Inland Real Estate Income Trust, Inc. acquired 11 multi-tenant retail centers in nine states during the first quarter of 2015. The necessity-based acquisitions total approximately 1.3 million square feet of commercial retail space, with a combined purchase price of $217.5 million.
Necessity-based retailers focus on providing shoppers with goods and services that are deemed necessary or essential to their daily lives. These can include general merchandise retailers, grocery and clothing stores, discount department stores, and pet suppliers.
“We continue to execute on Inland Income Trust’s strategy of acquiring high quality multi-tenant, necessity-based retail centers across the country,” said JoAnn McGuinness, president and chief operating officer of Inland Income Trust. “At the end of the first quarter, the company’s properties included more than 400 tenants.”
The properties that were purchased include:
- Eastside Junction, Athens, Alabama
- Prattville Town Center, Prattville, Alabama
- Fairgrounds Crossing, Hot Springs, Arkansas
- Regal Court, Shreveport, Louisiana
- Shops at Hawk Ridge, St. Louis, Missouri
- Whispering Ridge, Omaha, Nebraska
- Walgreens Plaza, Jacksonville, North Carolina
- Frisco Marketplace, Frisco, Texas
- Green Tree Center, Katy, Texas
- Shoppes at Lake Park, West Valley City, Utah
- Plaza at Prairie Ridge, Pleasant Prairie, Wisconsin
Inland Income Trust’s total portfolio now includes a reported 42 retail properties in 16 states totaling approximately 3.8 million square feet, with an aggregate purchase price of more than $663 million.