SHREVEPORT, LA-Inland Diversified Real Estate Trust Inc. has acquired Regal Court Shopping Center for $43.5 million. The 363,167-square-foot power center is anchored by Kohl’s, J.C. Penney, and Dicks Sporting Goods.

The Oak Brook, IL-based REIT purchased Regal Court from its developer, SDI Shreveport Ltd. It expects to realize an 8.1% cap rate on the center, which is situated on nearly 39 acres within an area known as “retail row” because of the variety of retail tenants in that area.

Regal Court was on the market for about a year and generated significant interest, according to Christopher Winters with Colliers International’s Houston office. He represented the seller in the transaction, while Inland was represented internally.

Winters tells GlobeSt. that the Shreveport-Bossier area is a strong retail market that attracts customers from all over the Ark-La-Tex region. “This particular property is located at ground zero with regard to the retail trade area,” he says. “If you want to own retail in this market, this is the location.”

At the time of acquisition, Regal Court was 98.3% leased to 24 tenants, five of which lease space subject to ground leases. The average remaining lease term was about 13 years.

Developed in 2007 and 2008, Regal Court was listed for $46.7 million. Inland funded the acquisition with proceeds from its offering and a $30.4 million loan from JPMorgan Chase Bank N.A. The fixed-rate loan, which matures in 2015, bears interest of 5.8%. If the loan is paid before maturity, the interest rate will be reduced to 5.3% per year.