In addition, Inland Western Retail Real Estate Trust paid $21 million for the 139,836-sf Low Country Village Shopping Center in Bluffton, SC. Near Hilton Head, as well as Savannah, GA, the shopping center's five-mile trade area boosts an average household income of $85,000.

The larger of the two Wal-Mart properties is the 454,172-sf Manchester Meadows Shopping Center, 17 miles west of Downtown St. Louis in Town and Country, MO. Inland Western Retail Real Estate Trust paid $56.2 million for the center, which also includes Home Depot, Sports Authority, Linens 'n Things, PetsMart, Office Max, a United States Postal Service office and Boston Market.

The REIT also bought a 183,211-sf property leased to Super Wal-Mart in Blytheville, AK, which anchors the anchors Porter's Commons shopping center, for $12.9 million. "We're Wal-Mart's largest landlord and they've proven to be an exceptionally solid anchor," claims Inland Real Estate Acquisitions chairman Joe Cosenza. "The Blytheville Wal-Mart is a solid store, and Wal-Mart will be a draw for the other tenants at Manchester Meadows."

The Low Country Village tenant roster includes Ross Dress For Less, Michael's, PetsMart, Cingular and Quizno's, with Linens 'n Things and Cost Plus due to arrive next year. "Hilton Head has grown significantly in the last decade, and its surrounding area will have an increasing need for retail," says Inland Western Retail Real Estate Trust acquisitions officer Jason Lazarus. "With this center, we have some of the leading names in retail."

Steve Notestine of Quadrant Properties represented Manchester-Mason, LP, the previous owner of Manchester Meadows. The sellers of the Blytheville property, Westminster Plaza LLC, Superior Investments X, CC Investments and Arsenault-Melbourne, LLC were represented by Terri Soucie of Colorado and Santa Fe Real Estate Co. David Oliver of Stafford Properties represented Stafford Colleton, LLC,sellers of Low Country Village.

Instant Insights /

Wal-Mart Key Piece in Inland's $90M Acquisitions

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