ORLANDO-Chicago-based Inland Diversified Real Estate Trust is ona shopping spree. The company has been combing the Floridalandscape for shopping centers and has a particular taste forPublix-anchored properties.

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In July, Inland Real Estate Acquisitions, which purchasesproperties on behalf of Inland Diversified Real Estate Trust,purchased two Publix-anchored shopping centers in the SunshineState—the 78,820-square foot Publix Shopping Center in St. Cloudnear Orlando, and the 66,510-square-foot Lake City Commons in LakeCity approximately 60 miles west of Jacksonville--for a total ofabout $20 million.

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Because Inland Diversified Real Estate Trust is in the middle ofa $5 billion public offering, there is little that the company cansay in the press, says Joel Cunningham, media relations associateat Inland’s headquarters in suburban Oakbrook, Illinois.

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According to a supplement that Inland Diversified Real EstateTrust filed with the SEC, the company purchased the Publix ShoppingCenter in St. Cloud for $9.4 million on July 30, 2010. Theproperty, which has a 9.25% cap rate, has an annualized base rentof $1,016,380, an average annualized base rent per square foot of$12.89 and is 100% occupied. The seller was an unaffiliated, andunidentified, third party, St. Cloud-192, LLC. The acquisition wasfunded with about $1.9 million from the company’s public offering.At closing, Inland Diversified St. Cloud 13th,LLC, a wholly-owned subsidiary formed for the purpose of buying theSt. Cloud property, assumed a loan for $7.3 million securedby a first mortgage on the property. There was no informationon the identity of the lender for the acquisition.

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On July 15, Inland purchased the Lake City Commons property atthe intersection of Interstate-10 and Interstate-75 for $10.6million. The property has a cap rate of 7.87%, its annualized baserent is $914,737 and its average annualized base rent per squarefoot is $13.75. The property is 100% occupied.

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In Florida, Inland Diversified Real Estate Trust has alsoacquired Publix-anchored centers in Kissimmee, near Orlando, andPort St. Lucie, north of Palm Beach County. It now owns and manages700,000 square feet in the state.

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Inland Real Estate Acquisitions, Inc., the purchasing arm forvarious entities which are part of The Inland Real Estate Group ofCompanies, is one of the largest shopping center owners in NorthAmerica and one of the top managers of retail property in the US.Inland-sponsored companies own and manage over 120 million squarefeet of commercial real estate in 47 states.

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