For Immediate Release - Thursday, July 22, 2010
Inland Real Estate Acquisitions, Inc. Announces $209 Million in New Acquisitions
Properties purchased on behalf of Inland American Real Estate Trust, Inc.
OAK BROOK, Ill. - Inland Real Estate Acquisitions, Inc. (IREA), the purchasing arm of The Inland Real Estate Group of Companies, Inc., has recently acquired five individual retail properties containing 1.3 million square feet, for a combined total of approximately $209 million. The purchases were made on behalf of Inland American Real Estate Trust, Inc., a public non-traded REIT with a diversified portfolio of commercial real estate assets. Year-to-date, IREA has purchased $633 million of retail assets for Inland American.
The acquisitions include the following properties:
“These shopping centers represent the type of high quality retail real estate available today, particularly when you have strong relationships with both the seller and the lender,” said Matt Tice, vice president of IREA. “Prestonwood Town Center is a new development power shopping center in the heart of Dallas, with a strong lineup of retailers like Best Buy, Michael’s and Petco. Based on existing relationships, we were able to obtain new financing to close the developer’s loan, and re-finance the shopping center at a value that more closely reflects today’s asset pricing. Anytime you can provide a financial solution for all parties and acquire a highly trafficked shopping center, it’s a win-win.”
Inland American owns 55 shopping centers in Texas totaling more than 4 million square feet. “The Texas market continues to demonstrate strength and resilience, and investor interest in commercial real estate there remains high,” added Tice. “These are well-located properties with credit tenants that we believe will be strong performers in their respective markets.”
Tice also recently purchased McKinney Towne Crossing, a new development power shopping center anchored by Best Buy, PetSmart, Staples and Dollar Tree, located in north suburban Dallas. “Acquisition opportunities are also emerging directly from banks that need to sell real estate assets,” Tice said. “With McKinney Towne Crossing, we were able to come to an agreement to purchase the loan on the property from the bank, and at the same time purchase the property from the developer in a deal that worked for everyone. We’re actively looking for more of these opportunities.”
About Inland Real Estate Acquisitions, Inc.
Inland Real Estate Acquisitions, Inc. is the purchasing arm for various entities that are a part of The Inland Real Estate Group of Companies, Inc. (“Inland”) Headquartered in Oak Brook, IL, Inland has been ranked collectively as second fastest-growing acquirer of retail property in the United States (Chain Store Age, May 2009), one of the largest shopping center owners in North America (Retail Traffic, March/April 2010) and one of the top managers of retail property in the United States (Retail Traffic, March/April 2010), and named the winner of the Torch Award for Marketplace Ethics by the Better Business Bureau of Chicago and Northern Illinois (December 2009). Inland-sponsored companies own and manage in total over 120.5 million square feet of diversified commercial real estate in 47 states, as well as managed assets in excess of $25.3 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 subsidiaries of Inland Real Estate Investment Corporation. For additional information, please refer to Inland’s website at www.inlandgroup.com.
About Inland American Real Estate Trust, Inc.
Inland American Real Estate Trust, Inc. focuses on acquiring and developing a diversified portfolio of commercial real estate including retail, multi-family, industrial, lodging, office and student housing properties, located in the United States and Canada. The company also invests in joint ventures, development projects, real estate loans and marketable securities. As of March 31, 2010 Inland American owned, directly or indirectly through joint ventures in which it has a controlling interest, 975 properties, representing approximately 47.1 million square feet of retail, industrial and office properties, 10,153 multi-family units and 14,856 lodging rooms. Inland American is one of five REITs that are, or have been, sponsored by affiliates of The Inland Real Estate Group of Companies, Inc. For further information regarding Inland American, please refer to the company website at www.inlandamerican.com.
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