Inland paid Chesterfield Crossing LP of Chatanooga, TN $11.6 million or $168.27 per sf, for this portion of the 431,947-sf center.

The per-sf price is one of the highest the REIT has paid for an acquisition in the last two years, according to GlobeSt.com research. Inland has been paying an average $100 per sf for most of its acquisitions, according to the REIT.

A 219,000-sf Wal-Mart and a 132,000-sf Home Depot, both of which are company-owned, anchor the mall, which is 100% leased.

Among the current tenants in the portion purchased by Inland are PetsMart, Ben Franklin Crafts, Fashion Bug, Payless Shoe Source and Radio Shack. Rents range from $15 per sf to $20 per sf, according to GlobeSt.com research.

"Although we don't own the Wal-Mart and Home Depot (properties) at this center, those two anchors certainly attract customers, which benefits every tenant at the center," Steve Sanders, Inland's senior vice president, says in a printed statement.

Sanders handled the transaction from the company's Holmes Beach, FL office along with outside counsel, Charles Benvenuto.

The center, located at the intersection of US 360 and Warboro Road in Richmond, was built in 2000. Charles W.A. Willett, Jr. of Chattanooga, TN-based CBL & Associates, represented the seller.

In mid-June, Inland purchased three Carolina shopping centers for $15 million. Earlier that month, it picked up Sharon Greens in Cumming, GA for $13 million.

The Chesterfield Crossing acquisition joins 56 shopping centers containing about 8.5-million sf of retail space, in the Southeastern portion of the Inland portfolio.

Instant Insights /

Inland Pays $168 per SF for Chesterfield Crossing in Richmond

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