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OAK BROOK, IL-Although its primary focus is retail properties west of the Mississippi River, Inland Western Retail Real Estate Trust, Inc. has entered Tennessee with two acquisitions totaling nearly $30 million, as well as buying a newly built center in South Carolina for another $30 million. In addition to the 181,360-sf portion of Azalea Square Shopping Center in Summerville, SC, the REIT paid $20.8 million for the 173,587-sf the Columns in Jackson, TN and nearly $9 million for the 32,965-sf Harvest Towne Center in Knoxville.

Inland Retail Real Estate Trust has bought one million sf of assets but the Inland Western Retail Real Estate Trust has been around for less than a year. "We won't pass up a good property because of geography," says Inland Real Estate acquisitions senior vice president Lou Quilici, involved in the purchase of the Columns from Jackson Property Associates GP with Sharon Anderson-Cox.

Azalea Square, sold by Silver Oaks Associates LP, is in the shadow of Super Target and Kohl's, which are not part of the deal. Instead, Inland Western Retail Real Estate Trust gets a center with a tenant roster that includes TJ Maxx, Ross Dress for Less, Linens 'n Things, PetsMart, Cost Plus and Pier 1.

An 88,408-sf Kohl's shadows the Columns, which ultimately will include a 30,000-sf Best Buy and 28,000-sf Marshall's. CVS Drug Store anchors Harvest Towne Center, which comes with ground leases to Taco Bell, Krispy Kreme and Ruby Tuesday restaurants.

Instant Insights /

Inland Western Goes East With $60M in Buys

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