The REIT paid $57.9 million or an average $154.29 per sf in its latest splurge for properties totaling 372,490 sf.

The largest is the 247,521-sf Sycamore Commons Shopping Center in Matthews, NC, near Charlotte. Inland paid $39.15 million, or $158.17 per sf, for the property that was completed earlier this year.

It is anchored by Lowe's and Costco, both of which are company-owned and not a part of the transaction.

Anchor tenants are a 45,000-sf Dick's Sporting Goods, a 32,900-sf Circuit City, a 25,000-sf Old Navy, a 25,000-sf Bed Bath & Beyond, and a 23,915-sf Michaels.

Cost Plus World Market, Payless Shoes, Pier One Imports, and Lane Bryant are also there with other national, regional and local tenants.

With the purchase, Inland obtains a two-year master lease guaranteeing 100% occupancy. The seller is North Carolina-based Matthews Market LLC.

Steve Sanders, senior vice president of Inland Real Estate Acquisitions, negotiated the transaction with outside counsel Charles Benvenuto. David Lampke represented the seller.

Wakefield Crossing is a 75,929-sf center in Raleigh. It was completed in fall 2001 and is 95% leased. The anchor is a 37,985-sf Food Lion grocery store. Inland paid Hyde Park, NY-based Kimco Realty Corp. $10.75 million, or $141.58 per sf.

Phil Rachels represented Kimco. Jason Lazarus, an Inland acquisitions associate, and Benvenuto negotiated this transaction and the purchase of Sexton Commons in Faqua Varina, NC.

Sexton Commons, completed earlier this year, is a 49,040-sf center approximately 30 miles southwest of Raleigh at US 401 and Purfoy Road. Inland paid Charlotte-based Raley-Miller Properties $8 million, or $163.13 per sf.

The center is anchored by a 30,000-sf Harris Teeter grocery store and it is 100% leased to five tenants. Mike Burkard of the Southeast office of Los Angeles-based CB Richard Ellis represented the seller.

Instant Insights /

Inland Pays Premium $154 per sf for Each of Three NC Centers

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