Sponsored by Inland Real Estate Investment Corporation, Inland Real Estate Income Trust (Inland Income Trust) recently announced the acquisition of a shopping center in Lynchburg, Virginia. Lou Quilici, senior vice president of IREIT Business Manager & Advisor, Inc., and Mark Cosenza, vice president of Inland Real Estate Acquisitions, Inc., worked together to purchase the property.
Lakeside Crossing Shopping Center is a 66,906 square foot shopping center constructed in 2013 and anchored by a Fresh Market grocery store. Inland Income Trust purchased the property for approximately $19.82 million in cash, plus closing costs, of which approximately $16.97 million was funded at the initial closing. The company funded approximately 50% of the purchase price paid at the initial closing with proceeds from its public offering.
Located between the major thoroughfares of Old Forest Road, Whitehall Road, and Lakeside Drive, Lakeside Crossing Shopping Center is well situated in Lynchburg, which is home to six colleges and three major hospitals. Currently the property is 98.5% leased to 14 tenants and 91.5% occupied. Other major tenants include Petco, Mattress Warehouse, and Panera.
Formed in 2011, Inland Real Estate Income Trust invests in commercial real estate throughout the United States. To date, it has focused on acquiring retail properties. It’s offering, which is $1.5 billion in size, is still open to new investors.