Inland REIT Buys California Grocery-Anchored Shopping Center for $21.7 Million
Inland Real Estate Income Trust Inc., a publicly registered non-traded real estate investment trust, purchased Blossom Valley Plaza shopping center in the Modesto-suburb of Turlock, California for $21.7 million from an unnamed seller.
“The acquisition of Blossom Valley Plaza was an ideal opportunity to add a stable, necessity-based asset to Inland Income Trust’s growing retail portfolio,” said Mitchell Sabshon, president and chief executive officer of Inland Real Estate Investment Corporation. “With its solid tenant line-up and strong demographics, drawing nearly 22,000 vehicles per day, this grocery-anchored center aligns with Inland Income Trust’s strategy to acquire high quality multi-tenant retail assets.”
Blossom Valley Plaza is a 111,558-square-foot shopping center that was constructed in 1988. The property is anchored by a 60,114-square-foot Raley’s grocery store and features other necessity-based services accessible to the approximately 89,000 residents living within a five-mile radius, as well as students of California State University, Stanislaus. Blossom Valley Plaza is 100 percent leased to national and regional tenants. In addition to the Raley’s grocery store, tenants include Wells Fargo, Supercuts, Subway, Papa John’s, GameStop and Jay’s Tires.
Inland Real Estate Income Trust, Inc. was formed to acquire, directly or indirectly, a portfolio of commercial real estate located throughout the United States and is focused on acquiring primarily core multi-tenant retail assets.
