Chicago-based Orix Real Estate Equities Inc. built the center, located at 310 Goddard Blvd., last year. According to published reports, bidding on the center was fierce. Overlook is less than a mile from the larger King of Prussia Plaza. It is fully leased to five tenants, and there is room for expansion.
The current Overlook tenants are a 15-screen United Artists theater; a Best Buy consumer electronics store; Nordstrom Rack, which is the off-price division of the famed Seattle-based retailer; Champps, an upscale restaurant chain based in Littleton, CO; and a Bahama Breeze restaurant, which has not yet opened. Typically, a Bahama Breeze unit also includes a retail component that sells "Island" merchandise.
Joe Cosenza, chairman of Inland Real Estate Acquisitions Inc., negotiated the transaction on behalf of the REIT, and attorney Gary Pechter represented Inland Retail at the closing.
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