OAK BROOK, Ill.--(BUSINESS WIRE)--
Inland Real Estate Income Trust, Inc. announced today the acquisition, in separate transactions, of two shopping centers located in Texas and Florida. The 148,529-square-foot Mansfield Pointe Shopping Center in Mansfield, Texas, was acquired for a purchase price of $28.4 million. The North Hills Square Shopping Center, located in Coral Springs, Fla., totals 63,829 square feet and was acquired for a $11.05 million purchase price. Lou Quilici, senior vice president of IREIT Business Manager & Advisor, Inc., and Matthew Tice, vice president of Inland Real Estate Acquisitions, Inc., facilitated the purchase of the properties.
Mansfield Pointe Shopping Center is located on US Highway 287 in Mansfield, equidistant from the cities of Dallas and Fort Worth and the Dallas-Fort Worth International Airport. The center was 96.7 percent occupied at closing to tenants that include Sports Authority, PetSmart, Bed Bath & Beyond, Party City and Half Price Books. The property is shadow-anchored by SuperTarget, which includes a grocery component, and The Home Depot, neither of which were acquired.
North Hills Shopping Center is located on University Drive, a major thoroughfare in the Coral Springs area, which is situated approximately 15 miles southwest of Boca Raton. The center is anchored by a Wal-Mart Neighborhood Market, Wal-Mart’s standalone grocery store concept. The property consists of two single-tenant buildings and one multi-tenant building, and additional tenants include Wendy’s and Manhattan Bagel. The property was 98 percent occupied at closing.
About Inland Real Estate Income Trust, Inc.
Inland Real Estate Income Trust, Inc. was formed to acquire, directly or through joint ventures, a portfolio of commercial real estate located throughout the United States. Inland Real Estate Income Trust, Inc. is focused on acquiring primarily core multi-tenant retail assets. Inland Real Estate Income Trust, Inc. is sponsored by Inland Real Estate Investment Corporation.
About IREIT Business Manager & Advisor, Inc.
IREIT Business Manager & Advisor, Inc., an Illinois corporation and a wholly owned subsidiary of Inland Real Estate Investment Corporation, is the business manager of Inland Real Estate Income Trust, Inc. In addition to its other duties for Inland Real Estate Income Trust, Inc., IREIT Business Manager & Advisor, Inc. focuses on identifying and acquiring real estate assets for Inland Real Estate Income Trust.
- Mergers, Acquisitions & Takeovers
- Real Estate
Alyssa Templeton, (630) 218-2887