The Illinois firm is shelling out $9.55 million or $157.74 per sf to Georgia-based Oak Vest for the asset. That's high-end pricing, local retail brokers tell GlobeSt.com, but not especially when the property's occupancy and desirable location are factored into the deal.

The acquisition is adjacent to the $120-million, one million-sf West Oaks regional mall opened by Chicago-based General Growth Properties Inc. in October 1996. The West Oaks Mall is the biggest retail draw in west Orlando and neighboring south Lake County, 25 miles west of Downtown Orlando.

"They know they have ready access to established foot traffic in the area," Dean Fritchen, a senior broker at Arvida Realty Services Commercial Division in Winter Park, FL, tells GlobeSt.com. "They don't have to tell potential customers where they are because customers to the larger West Oaks Mall already see them."

Besides the proximity and pull of West Oaks Mall, a 6,000-sf structure under construction on an outparcel, is partially leased to Honey Baked Hams. Inland will buy the building later this year when it is completed.

Steve Sanders, senior vice president of Inland Real Estate Acquisitions Inc., who negotiated the West Oaks Towne Center transaction, tells GlobeSt.com that Inland's current strategy is to focus on newer properties in the Southeast between 60,000 sf and 300,000 sf.

"We target grocery store-anchored centers or centers anchored by major discount stores, such as Wal-Mart," Sanders says. "We also look for centers in recession-resistant high-traffic areas."

Outside counsel Charles Benvenuto worked with Sanders on the transaction. Becky Finch of the James Doran Co. in Mt. Pleasant, SC negotiated for the seller.

Average asking rents at the seven-tenant West Oaks Towne Center are $12 per sf to $28 per sf. Michaels is the anchor with 23,753 sf. Other tenants are PetsMart, 19,136 sf; Family Christian Stores, 5,000 sf; Johnny Rivers BBQ, 4,350 sf; Johnny Rivers BBQ expansion, 1,047 sf; the Futon Place, 2,677 sf; the Vitamin Shoppe, 3,512 sf; and Best Nails, 1,050 sf.

Inland has grown its Southeast portfolio in Florida and Georgia to 2.5 million sf in less than two years.