The Oak Brook, IL-based firm paid Sembler Family Partnership of St. Petersburg, FL $27.5 million or $125.67 per sf for the asset, 25 miles northwest of Downtown Atlanta.
IRRETI owns two other area centers--the 375,000-sf Bartow Marketplace in Cartersville, GA and the 282,000-sf Pleasant Hill shopping center in Duluth, GA.
"We look for properties in the Southeast because the high growth (there) makes it more resistant to recession," Steve Sanders, senior vice president, Inland Real Estate Acquisitions Inc., says in a prepared statement.
The Illinois firm has added 800,000 sf to its Atlanta area portfolio in less than two years, Sanders notes. "Atlanta is one of the fastest-growing retail markets in the nation," he says.
The company's portfolio comprises 23 retail properties in Florida, Georgia, Virginia and Tennessee encompassing 2.98 million sf.
Sanders and outside counsel Charles Benvenuto represented IRRETI in the transaction.
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