Oak Brook, Ill. Inland Real Estate Acquisitions, the purchasing arm of The Inland Real Estate Group of Cos., announced late Thursday that it recently completed a $424 million acquisition of 16 shopping centers containing 3.5 million sq. ft., from a joint venture between TIAA-CREF and Developers Diversified Realty.
The purchase was made on behalf of Inland American Real Estate Trust. The CB Richard Ellis National Retail Investment Group represented the seller.
The portfolio includes properties in Florida; Georgia; North Carolina; South Carolina; and Virginia.
“This portfolio represents the type of core retail real estate assets that play a prominent role in people’s everyday lives, and we believe that makes it an attractive investment,” said Mark Cosenza, VP, Inland Real Estate Acquisitions. “Consumers today are focusing on value and convenience, and the majority of these shopping centers have strong grocery and value-based tenants, including leading retailers like Super Wal-Mart, Publix, Kohl’s, Lowe’s, Bed Bath & Beyond, PetSmart, Staples, Dollar Tree, Marshall’s and Old Navy. We think these shopping centers will continue to perform well in all economies.”