Inland Real Estate Income Trust Inc., a publicly registered, non-traded real estate investment trust, has agreed to purchase eight properties from subsidiaries of Inland Retail Property Fund LP for $278.2 million, according to a filing with the Securities and Exchange Commission.
The properties, seven of which are grocery-anchored, are leased primarily to grocery, retail and restaurant tenants. They are located in seven states and total approximately 687,000 square feet. The transaction is anticipated to close on May 17, 2022.
The REIT expects to fund the purchase primarily by making a draw on its credit facility and with cash on hand.
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.