Inland Real Estate Income Trust Inc. closed on its purchase of an eight-property shopping center portfolio from seller Inland Retail Property Fund LP, according to a filing with the Securities and Exchange Commission. The $278.2 million acquisition was funded through a combination of cash on hand and additional loan terms under an existing credit agreement. JLL brokered the transaction.
The properties in the 686,851-square-foot portfolio are leased primarily to grocery, retail, and restaurant tenants. The centers are in California, Minnesota, Michigan, Texas, Pennsylvania, Maryland and Georgia, and all but one are grocery anchored.
As of March 31, 2022, the leases had a weighted average remaining lease term of 6.3 years. Seller Inland Retail Property Fund LP is a fund managed by an affiliate of the buyer’s sponsor and business manager.
A letter from Inland REIT president and chief executive officer Mitchell Sabshon to shareholders said that the portfolio is 89% leased to 110 tenants, including Whole Foods, Ralphs, Sprouts, Trader Joes, and Giant Food. “This is an exciting acquisition as it supports our strategic plan of enhancing stockholder value in anticipation of a future liquidity event,” he said.
Inland Real Estate Income Trust, sponsored by Inland Real Estate Investment Corporation, invests in grocery-anchored 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.
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