Inland Real Estate Income Trust Inc., a publicly registered non-traded REIT, acquired a newly constructed retail center in Lawrence, Kansas. According to a filing with the Securities and Exchange Commission, the property was sold by TMD Iowa LLC, an unaffiliated third party, for $20.8 million.
Located at 2727 Iowa Street, the 84,981-square-foot property is located in the city’s main retail corridor, approximately six blocks from the University of Kansas campus. It is 100 percent leased to numerous tenants including Dick’s Sporting Goods, PetSmart, Ulta Beauty and BootBarn. Dick’s Sporting Goods and PetSmart are currently open and operating, while Ulta Beauty and BootBarn are undergoing construction with an expected opening in the fourth quarter of 2015.
Mark Cosenza, vice president of Inland Real Estate Acquisitions Inc., facilitated the purchase of the property on behalf of Inland Income Trust.
Inland Real Estate Income Trust was formed to acquire a diversified portfolio of commercial real estate assets located throughout the United States and focuses primarily on the acquisition of multi-tenant neighborhood retail centers.