Home Alts News Inland Real Estate Income Trust Acquires Arkansas Shopping Center

Inland Real Estate Income Trust Acquires Arkansas Shopping Center

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Non-traded REIT, Inland Real Estate Income Trust (Inland Income Trust), recently announced that it has acquired MidTowne Shopping Center in Little Rock, Arkansas.

The 126,288 square foot retail center was purchased with proceeds from the company’s offering for approximately $41.45 million in cash plus closing costs. The REIT expects to pay its business manager an acquisition fee of approximately $621,750, also to be funded with offering proceeds.

Located at the corner of University Avenue and Markham Street, MidTowne Shopping Center is within a main retail corridor and across the street from Park Avenue Shopping Center, a property Inland Income Trust purchased in February of this year. With downtown Little Rock five miles west, the property is also near two university campuses and a major hospital. MidTowne Shopping center is 95.6% occupied and leased to 22 tenants.

Inland Income Trust was formed in 2011 to acquire and manage a diversified portfolio of commercial real estate investments located in the United States. Its $1.5 billion offering is still open to new investors.

As of March 31, 2014, the Company owned 16 retail properties totaling 590,563 square feet.