Oak Brook, Ill. — Inland Real Estate Income Trust has acquired the 69,381-sq.-ft. Park Avenue Shopping Center in Little Rock, Ark., for $28.12 million. IREIT Business Manager & Advisor assisted Inland Real Estate Acquisitions in the transaction. Disney Investment Group represented the seller, SPC Park Avenue Limited Partnership and SPC Condo Limited Partnership. Both are affiliates of Strode Property Co.
Well situated at a major intersection, Park Avenue Shopping Center is about five miles west of downtown Little Rock and directly across the street from a major area hospital. The property consists of three single-tenant buildings, three multi-tenant buildings and a two-level parking structure. The center also has the right to expand one of the three buildings by up to 9,500 sq. ft., which would increase the retail space to over 78,000 sq. ft.
Park Avenue Shopping Center is 95% leased. Tenants include Staples, Cheddar’s Casual Café, Newk’s Eatery, Panera Bread, Verizon Wireless and Mattress Firm. The property is shadow-anchored by a Target “P Fresh” store, Target’s new and successful grocery-focused store format, and an LA Fitness, neither of which was acquired.