REAL ESTATE

Salon 724 inks deal at Bensalem, Pa.’s Centre Plaza

BY Michael Fickes

North Plainfield, N.J. — Salon 724 has leased 2,300 sq. ft. at Centre Plaza in Bensalem, Pa., according to Levin Management (www.levinmgt.com), the center’s exclusive leasing and managing agent.

Tenants at the 43,550-sq.-ft. Centre Plaza include Curves for Women, Domino’s Pizza, LabCorp, MGM Financial Strategies Inc., First Federal Savings & Loan, A&S Bagels and Tako Japanese Restaurant.

The Centre Plaza trade area has a population of 270,000 within a five-mile radius and an average household income that exceeds $67,000. The daily traffic count is about 27,000 vehicles.

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REAL ESTATE

Planet Fitness to Frenchtown, Mich.’s Mall of Monroe

BY Michael Fickes

Youngstown, Ohio — Planet Fitness will open a new 24,000-sq.-ft. health club in The Mall of Monroe in Frenchtown Township, Mich., in March of this year. Planet Fitness boasts 700 locations nationwide and 4.5 million members.

Cafaro affiliated companies (www.cafarocompany.com) own and manage the regional Mall of Monroe.

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REAL ESTATE

Inland acquires Wedgewood Commons near Memphis

BY Michael Fickes

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.

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