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MIDDLETOWN, NY-In two transactions totaling approximately $60 million, Inland Western Retail Real Estate Trust Inc., has acquired the Coram Plaza shopping center in Coram and the Fairgrounds Plaza here. The Oak Brook, IL-based REIT purchased both properties from Lou Ceruzzi of Connecticut.

The purchases mark Inland Western's entrance into the New York retail market. Inland Retail Real Estate Trust owns six retail properties in New Jersey as well as the Monticello Mall in New York. An Inland spokesperson says that Inland Western, which currently owns and manages more than 25 million sf of mostly retail space west of the Mississippi River, should be adding more New York properties to its portfolio this year. "We already have several properties in New York State that are under contract or under consideration at this time," the spokesperson says.

The Coram property, a 144,181-sf grocery-anchored community shopping center, was purchased for $37.7 million. The center is located at 264 Middle County Rd. and is anchored by a 66,194-sf Stop & Shop supermarket. Other tenants include Family Dollar, Firestone/Bridgestone, Subway, Blockbuster, Dunkin' Donuts and H&R Block.

Commenting on its Long Island acquisition, Joe Cosenza, president of Inland Real Estate Acquisitions Inc., says, "This is a great property in the middle of Long Island. The proximity to New York City, and the quality of the tenants, attracted us to this property." Cosenza represented Inland in both deals.

Inland Western paid $21.9 million for Fairgrounds Plaza, a 98,021-sf grocery-anchored shopping center. A portion of the center was under construction at the time of the transaction. Inland Western plans to buy the remaining 31,767 sf after construction is completed, company officials state. The center is located at 330 Route 211 East in Middletown and is anchored by a 59,970-sf Super Stop & Shop supermarket. Both centers are approximately 100% leased, according to the Inland spokesperson.

Inland Western is sponsored by an affiliate of the Inland Real Estate Group of Cos., Inc., which also consists of Inland Retail Real Estate Trust and Inland Real Estate Corp. Last year, the Inland group of companies acquired $4 billion worth of real estate or approximately 20 million sf of mostly retail space in the US.

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Inland Western Enters NY Retail Arena

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