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Inland REIT Inks $100 Million LOC, Acquires Two Retail Properties for $173 Million

Inland Real Estate Income Trust Inc., a publicly registered non-traded real estate investment trust, entered into a credit agreement with KeyBank National Association for a $100 million revolving credit facility.

The facility includes a sublimit of $25 million for swing-line loans and a sublimit of $25 million for letters of credit. The credit agreement allows the REIT to increase the limit up to $400 million from time to time, subject to certain conditions. The proceeds may be used for general corporate purposes, including repayment of indebtedness, property acquisitions, capital expenditures, development, redevelopment, capital reserves and working capital. The line of credit matures on September 30, 2019, with option to extend the maturity date for a period of one additional year.

Inland Real Estate Income Trust Inc. also finalized the purchased of two retail properties, Settlers Ridge and Milford Marketplace, for a combined purchase price of $173.3 million. Last week, The DI Wire reported that the REIT signed the purchase agreements for the two properties.

https://thediwire.com/news/inland-real-estate-income-trust-to-buy-two-retail-centers-for-173.7-million

Settlers Ridge is a 472,572-square-foot retail center in Pittsburgh, Pennsylvania that was constructed from 2008 through 2011. The property is 98.5 percent occupied and leased to 43 tenants, including Giant Eagle, Cinemark, Barnes & Noble, and REI. The weighted-average remaining lease term for the tenants occupying the property is approximately 10 years. Inland REIT purchased the property for $139.2 million.

Milford Marketplace is a 112,257-square-foot retail center in Milford, Connecticut that was constructed in 2007. The property is 100 percent occupied and leased to 21 tenants, including Whole Foods. The weighted-average remaining lease term for the tenants occupying the property is approximately six years. The REIT purchased the property for approximately $34.1 million.

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. As of June 30, 2015, the company owned 46 retail properties located in 19 states that total 4,547,980 square feet.