Inland Real Estate Income Trust Buys Virginia Grocery-Anchored Retail Property for $72.5 Million
Inland Real Estate Income Trust Inc., a publicly registered non-traded real estate investment trust, purchased Marketplace at Tech Center, a newly constructed grocery-anchored retail center, in Newport News, Virginia for $72.5 million.
“Marketplace at Tech Center is a terrific addition to Inland Income Trust’s retail portfolio because of its exceptional variety of high-caliber grocery, restaurant, clothing and retail offerings,” said Mitchell Sabshon, president and chief executive officer of Inland Real Estate Investment Corporation. “With its diverse tenant mix, strong demographics and ideal location near major employers, including the Thomas Jefferson National Accelerator Facility, Marketplace at Tech Center is a dominant retail property in the market and is well positioned for future growth.”
Constructed in 2015, Marketplace at Tech Center is located at 12080 Jefferson Avenue and totals approximately 210,000 square feet.
Tenants at the shopping center include Whole Foods, Steinmart, DSW, Ulta Beauty, Five Below, BJ’s Brewhouse, Mattress Firm, AT&T and Massage Envy.
Inland Real Estate Income Trust is focused on acquiring primarily core multi-tenant retail assets in the United States.
