OAK BROOK, IL-Inland American Real Estate Trust Inc., a publicnon-traded REIT, has purchased five retail centers in the Southeastand Southwest for a combined $209 million. Inland Real EstateAcquisitions Inc., the purchasing arm of the locally-based InlandReal Estate Group of Cos., acquired the properties for theREIT.

The properties include University Oaks (235,906 square feet) inRound Rock, TX, Prestonwood Town Center (233,182 square feet) inDallas, McKinney Towne Crossing (224,755 square feet) in McKinney,TX, Tulsa Hills (376,573 square feet) in Tulsa, OK and HeritageCrossing (311,678 square feet) in Wilson, SC, for a total of almost1.4 million square feet. The portfolio is about 92% occupied, saysMatt Tice, VP with Inland Real Estate Acquisitions.

He tells GlobeSt.com that the properties are not considereddistressed, though the McKinney site was purchased throughnegotiations with the developer, Weber & Co., and its lender.The new development is anchored by Best Buy, PetSmart and Staples.“The mortgage had come due with the borrower, and we worked out thearrangement. There was no deficit in the value of the property,”Tice says. Other former owners of the properties include the ArchonGroup (Prestonwood), and Tulsa Hills LLC.