Inland Real Estate Income Trust, Inc., a publicly registered non-traded real estate investment trust, purchased Coastal North Town Center in North Myrtle Beach, South Carolina. The purchase price was not disclosed.
Constructed in 2014, the 311,313-square-foot Coastal North Town Center is a grocery-anchored shopping center that is currently 93.47 percent leased. In addition to Publix, tenants include Hobby Lobby, Dick’s Sporting Goods, Ulta Beauty, PetSmart, T.J. Maxx, Ross Dress for Less, Rack Room Shoes, Mattress Firm and a variety of restaurants.
“We’re thrilled to add the newly constructed Coastal North Town Center to Inland Income Trust’s growing portfolio. Anchored by a 49,098-square-foot Publix, this center aligns with our strategy to acquire high quality grocery-anchored retail assets,” said Mitchell Sabshon, president and chief executive officer of Inland Real Estate Investment Corporation. “This well-located shopping center provides access to a host of restaurants, clothing retailers and necessity-based services to the 16 million consumers that visit Myrtle Beach each year.”
Inland Real Estate Income Trust invests in commercial real estate located throughout the United States with a focus on core multi-tenant retail assets. The company commenced operations in October 2012 and closed the offering in October 2015 after raising $834.4 million, excluding proceeds from the company’s distribution reinvestment plan. Since December 31, 2015, the REIT owned 54 retail properties, totaling approximately 6 million square feet.