Inland Diversified Real Estate Trust, Inc. Announces the $60.2 Million Joint Venture Acquisition of The Crossing at Killingly Commons in Dayville, Connecticut
Inland Diversified Real Estate Trust, Inc. (“Inland Diversified”) announced today the acquisition of a majority interest in The Crossing at Killingly Commons, a 395,539-square-foot shopping center in Dayville, Conn. The property was purchased through a joint venture of a subsidiary of Inland Diversified and Dayville Unit Investors LLC, an affiliate of the seller. The joint venture valued the property at approximately $60.2 million. Completed in 2010, the center is anchored by Lowe's Home Improvement, which operates on a ground lease, as well as Stop & Shop and T.J. Maxx. Joe Cosenza, president of Inland Real Estate Acquisitions, Inc., and a vice chairman of The Inland Real Estate Group, Inc., facilitated the transaction on behalf of Inland Diversified.
The Crossing at Killingly Commons, Dayville, Conn. (Photo: Business Wire)
“The Crossing at Killingly Commons is ideally located near major employers including distribution centers for Lowe's and Staples, Foxwoods Casino Resort, Pfizer Laboratories, Lawrence & Memorial Hospital, Dominion Millstone Power and Connecticut College, which together provide more than 27,000 jobs in the region,” Cosenza said. “All these jobs contribute to higher than average household incomes of around $73,000 within 20 miles of the center, which provides a stable base of shoppers, and the diverse tenant mix at The Crossing at Killingly Commons creates a truly regional shopping destination.”
Other national tenants at The Crossing at Killingly Commons include Staples, Bed Bath & Beyond, Michaels, Petco, Hallmark and GameStop. The property is also shadow-anchored by a Target store, which was not acquired.
“We continue to target necessity-based shopping centers, and this investment strategically grows our presence in the Northeast,” commented Barry Lazarus, president and chief operating officer of Inland Diversified. “With grocery and home improvement stores anchoring a strong lineup of national retailers, we believe The Crossing at Killingly Commons is a great addition to the portfolio.”
About Inland Diversified Real Estate Trust, Inc.
Inland Diversified Real Estate Trust, Inc. is a public, non-listed real estate investment trust focused on acquiring a diversified portfolio of commercial real estate assets in various property categories, including: grocery-anchored shopping centers, necessity-based retail assets, single-tenant office and multi-family assets. As of June 30, 2012, the company owned approximately 7.2 million square feet of commercial real estate, as well as 420 multi-family units, in 24 states, with a portfolio of approximately $1.5 billion in assets. For additional information, please refer to www.inlanddiversified.com.
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Inland Marketing & Communications, Inc.
Joel Cunningham, (630) 586-4897