Inland Real Estate Income Trust Inc., a publicly registered non-traded real estate investment trust sponsored by Inland Real Estate Investment Corporation, acquired four multi-tenant retail centers and the remaining parcel of a previously-purchased retail center during the second quarter of 2015. The acquisitions, including the previously-acquired Frisco Marketplace portion, encompass approximately 846,000 square feet of commercial retail space in five states for a total purchase price of $174.9 million.
The properties that were purchased in the second quarter include Treasure Valley Crossing in Nampa, Idaho; Yorkville Marketplace in Yorkville, Illinois; White City Shopping Center in Shrewsbury, Massachusetts; Shoppes at Market Pointe in Papillion, Nebraska; and Frisco Marketplace – Dickey’s BBQ in Frisco, Texas.
“During the second quarter, we were pleased to expand our company’s reach to three new states with the addition of these high quality, necessity-based retail centers located in markets with solid demographics,” said Mitchell Sabshon, chief executive officer of Inland Income Trust. “We continue to seek attractive acquisition opportunities and financing terms to expand the company’s portfolio and tenant mix.”
As of June 30, 2015, Inland Income Trust’s total portfolio consisted of 46 retail properties totaling approximately 4.5 million square feet located in 19 states, with an average economic occupancy of 96.2 percent and an aggregate purchase price of more than $829.5 million.
Inland Real Estate Income Trust Inc. is sponsored by Inland Real Estate Investment Corporation and was formed to acquire, directly or indirectly, a portfolio of commercial real estate located throughout the United States, primarily core multi-tenant necessity-based retail assets.