ORLANDO—Inland Real Estate is closing out the year with a retail note. The company acquired two shopping centers for $63.3 million.

Inland snapped up phase one of the Goldenrod Marketplace shopping center in Orlando, a recently developed community retail center shadow-anchored by a Walmart Supercenter, for $20.0 million. Through its joint venture with PGGM, Inland also grabbed the Fort Smith Pavilion, a regional power center located in Fort Smith, Ark., for $43.3 million, including a loan assumption of approximately $33.2 million at closing.

“With these acquisitions, we continue to enhance the quality, diversification and growth profile of our portfolio as we expand our retail platform into additional markets within the Central and Southeastern United States,” says Mark Zalatoris, president and CEO of Inland. “These class A retail centers possess best-of-class retailer line-ups and commanding locations within their respective trade areas. In addition, the acquisition of Goldenrod Marketplace in Orlando complements our recently announced joint venture with MAB to develop grocery-anchored shopping centers in the southeast United States.”

The Goldenrod Marketplace shopping center totals about 130,100 square feet and is shadow-anchored by a 207,200-square-foot Walmart Supercenter. The company has acquired about 91,500 square feet—excluding ground leases—which was 88% leased at closing and includes 64,000 square feet leased to anchor tenants Marshalls and LA Fitness, plus two multi-tenant outbuildings totaling nearly 27,500 square feet.

The retail acquisition also includes two additional outparcel buildings totaling nearly 6,000 square feet which are ground leased to Taco Bell and KFC. Inland plans to purchase the remaining 32,600 square feet of in-line retail space, which is currently under development, after completion of construction and stabilization, which is expected to occur in the third quarter of 2014.

Goldenrod Marketplace is located in a growing trade area located north of the Orlando International Airport. The center draws from a five-mile population base of more than 172,000 with an average household income of nearly $61,000.

The 97%-leased Fort Smith Pavilion is a regional power center spanning 415,000 square feet of gross leasable area, including shadow anchor Target. Inland has acquired about 288,000 square feet of big-box, junior anchor, in-line shops, and outlet retail leased to in-demand retailers such as Bed Bath & Beyond, Best Buy, Dick's Sporting Goods, Old Navy, Petco, Michaels, Books-A-Million, Shoe Carnival, and Ulta.

The retail property is located in the center of commercial development in Fort Smith, the second largest city in Arkansas and a regional manufacturing center and transportation hub. Fort Smith Pavilion benefits from a larger than typical trade area, attracting shoppers from across the Fort Smith MSA, which has a population base of nearly 285,900 and average household income of approximately $51,700.