Oak Brook, Ill. — Inland Real Estate Income Trust has acquired the 159,258-sq.-ft. Wedgewood Commons Shopping Center in Olive Branch, Miss., a southeastern suburb of Memphis, Tenn. The purchase price was $33.9 million.
StoneCrest Investments LLC, the seller, developed the center in 2009 and continues to add development phases. The Disney Group represented the seller in the transaction.
The property consists of four buildings and an existing structure suitable for the development of an additional 10,838 sq. ft. of leasable space, which would increase the center’s retail space to just over 170,000 sq. ft.
Wedgewood Commons is 100% leased and tenants include T.J. Maxx, HomeGoods, Michaels, Rack room Shoes, AT&T, TCBY, GNC and Sport Clips. A Target “P Fresh” store, Target’s new grocery-focused store format, shadow anchors the center.
Inland Real Estate Investment Corp. sponsors Inland Real Estate Income Trust, and IREIT Business Manager & Advisor, a wholly owned subsidiary of Inland Real Estate Investment Corp., is the trust’s business manager. The trust was formed to acquire, directly or through joint ventures, a portfolio of commercial real estate located throughout the United States. The trust intends to focus primarily on core multi-tenant retail assets.