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Illinois Firm Pays Top Dollar for Mall

ORLANDO-Inland Retail Real Estate Trust Inc. of Oak Brook, IL is shelling out $9.55 million or $157.74 per sf to Georgia-based Oak Vest for the five-month-old, 60,539-sf, 100%-leased West Oaks Towne Center in suburban Ocoee, FL.

By Alex Finkelstein | Updated on April 12, 2001

ORLANDO-In a strategic move, Inland Retail Real Estate Trust Inc. of Oak Brook, IL is paying top dollar for the West Oaks Towne Center, a five-month-old, 60,539-sf, 100%-leased property in suburban, Ocoee, eight miles west of Downtown Orlando.

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.

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