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GLOUCESTER, NJ- Inland Real Estate Acquisitions Inc., an arm of the Oak Brook, IL-based Inland Real Estate Group, has acquired the 108,562-sf Gloucester Town Center here for $22.5 million, or $207 per sf. The seller was Gloucester Property Development LLC, an affiliate of the Cedar Knolls, NJ-based Capital Realty & Development.

The deal was arranged by Jeffrey Dunne and Ryan Bassett of the CB Richard Ellis Tri-State Investment Team. The duo represented the seller and brought the buyer to the table.

Located 16 miles from Philadelphia and a mile from the Atlantic City Expressway in Camden County, Gloucester Town Center was completed in 2003. Anchored by a ground lease with Acme Markets, which occupies a 57,560-sf store, its tenant roster also includes Blockbuster Video, Columbia Bank, Hallmark, AT&T Wireless, Subway, H&R Block and Super Cuts. The center also has limited tenant lease expirations until 2013.

"An exceptional tenant roster, stable cash flow and minimal expirations coupled with an excellent long-term outlook for the region made the sale of this asset highly competitive," Dunne says." Besides the latest sale, Dunne's group is currently marketing a number of assets. Among them are Windsor at Liberty House, a 324-unit apartment complex in Jersey City, NJ; Washington Plaza, a 216,219-sf office building in Stamford, CT; Norden Park, a 612,119-sf business park in Norwalk, CT; and Triangle 17, a 90,631-sf strip shopping center in Ramsey, NJ.

Instant Insights /

Inland Buys Shopping Center for $23M

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