The 14 assets, which total 1.49 million sf, includes triple-net-leased properties in eight states involving five national retailers. Three buildings leased to top US retailer Wal-Mart in Alliance, OH; Winston-Salem, NC and Greenville, SC; total more than 600,000 sf and accounted for nearly one-third of the purchase price at nearly $53.2 million, or $88 per sf.
In addition, a 107,920-sf Sam's Club in Worcester, MA, was bought for $15.4 million, or $142 per sf.
Four Lowe's Home Improvement stores in Cullman, AL; Steubenville, OH; Baytown, TX and Katy TX; total more than 480,000 sf and add up to $45.3 million, or $93 per sf.
Leases on the other six assets are evenly split between Circuit City and Kroger, with the larger buildings occupied by the grocery chain. Kroger stores in Cincinnati, OH; Westchester, OH and Grand Prairie, TX totaling 177,239 sf were acquired for $18.4 million, or $104 per sf. However, the Circuit City portion of the deal totaled $21.6 million, or $192 per sf. Inland Retail Real Estate Trust picks up assets totaling 112,129 sf occupied by the electronics retailer in Culver City, CA; Highlands Ranch, CO and Olympia, WA.
"These are some of the top names in retail, and these stores are all in great cities and locations," says Inland Real Estate Acquisitions Inc. chairman Joe Cosenza.
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