IREIT Business Manager and Advisor, Inc. and Inland Real Estate Acquisitions, Inc. Announce Retail Acquisitions in Four States Totaling $25.5 Million
IREIT Business Manager & Advisor, Inc. and Inland Real Estate Acquisitions, Inc. announced today the acquisition of retail assets located in four states, for a combined purchase price of approximately $25.5 million. The acquisitions include Newington Fair, a 186,205-square-foot shopping center located in Newington, Conn., purchased for approximately $17.2 million, and a portfolio of seven Dollar General stores, located in Alabama, Georgia and Tennessee, purchased for a total of approximately $8.3 million. The properties were acquired on behalf of Inland Real Estate Income Trust, Inc. Lou Quilici, senior vice president of IREIT Business Manager & Advisor. Inc., facilitated the acquisition of Newington Fair.
Newington Fair Shopping Center, Newington, Conn. (Photo: Business Wire)
“Well located between New Britain and Hartford in Connecticut, we believe Newington Fair is strongly positioned for the future,” Quilici said. “The property is anchored by a Sam's Club and L.A. Fitness, both on long-term leases, and the acquisition also includes a parcel of land suitable for the development of an additional retail building.”
Newington Fair is 100 percent occupied. It is shadow-anchored by a Toys “R” Us and Stew Leonard's, a supermarket, which were not acquired.
Joe Cosenza, president of Inland Real Estate Acquisitions, Inc. and a vice chairman of The Inland Real Estate Group, Inc., facilitated the purchase of the Dollar General stores. Three of the stores are located in Alabama, three are in Georgia and one is in Tennessee.
All seven properties are newly-constructed and were purchased with new 15-year triple net leases in place. Each store is approximately 9,000 square feet. Dollar General is rated BBB- by Standard & Poor's.
About Inland Real Estate Acquisitions, Inc.
Inland Real Estate Acquisitions, Inc. facilitates acquisitions for various entities that are a part of The Inland Real Estate Group of Companies, Inc. (“Inland”). Headquartered in Oak Brook, Ill., Inland has been ranked one of the largest shopping center owners and managers in North America (Retail Traffic, May 2012) and the fastest-growing acquirer of retail property in the U.S. (Chain Store Age, May 2012). As of September 30, 2012, Inland-sponsored companies owned and managed in total over 87.4 million square feet of diversified commercial real estate in 47 states, as well as managed assets in excess of $20.2 billion. Inland is comprised of a group of independent legal entities some of which may be affiliates, share some common ownership or have been sponsored and managed by Inland Real Estate Investment Corporation or its subsidiaries. For additional information, please refer to Inland's website at www.inlandgroup.com.
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, IREIT Business Manager & Advisor employs persons exclusively focused on identifying and acquiring real estate assets for Inland Real Estate Income Trust.
Inland Marketing & Communications, Inc.
Joel Cunningham, (630) 586-4897