SHREVEPORT, LA-Inland Diversified Real Estate Trust Inc. hasacquired Regal Court Shopping Center for $43.5 million. The363,167-square-foot power center is anchored by Kohl’s, J.C.Penney, and Dicks Sporting Goods.

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

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Regal Court was on the market for about a year and generatedsignificant interest, according to Christopher Winters withColliers International’s Houston office. He represented the sellerin the transaction, while Inland was represented internally.

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

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

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

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