Inland Realty Grows Retail Portfolio

Inland paid 2140 SCT Corp. of Newport Beach, CA $113.52 per sf for the seven-year-old retail asset at the northwest corner of Curry Ford Road and Chickasaw Trail in south Orlando.

"This property is located in one of the fastest-growing areas in the nation, just north of the Orlando International Airport," Steve Sanders, senior vice president, Inland Real Estate Acquistions Inc., tells GlobeSt.com. "As with any real estate, location is a key factor in selecting properties," Sanders says. "Having several properties in close proximity helps cut costs for management, which translates into better value for shareholders."

The center's tenant roll includes 15 shops such as Blockbuster Video, Great Clips, Subway, State Farm Insurance, Radio Shack and Giovanni's Restaurant. A 47,813-sf Publix Supermarket store anchors the property.

The Chickasaw Trails purchases was IRRETI's ninth in metro Orlando and fourth this year alone. The acquisitions mark Inland as one of the dominant retail players in the Central Florida market. Inland owns/operates 908,432 sf here out of a total portfolio of 25 properties containing 3.09 million sf

The REIT owns and operates Lake Olympia Square, Ocoee, FL, 85,776; Bridgewater Market Place, Orlando, 58,050 sf; Casselberry Commons, Casselberry, FL, 227,664 sf; Conway Plaza, Orlando, 119,106 sf; Columbia Promenade, Kissimmee, FL, 65,870 sf; West Oaks Towne Center, Ocoee, FL, 60,539 sf; PetsMart, Daytona Beach, FL, 26,194 sf ; and Sand Lake Corner, Orlando, 189,741 sf.

Sanders and outside counsel Charles Benvenuto represented IRRETI in the transaction. Rick Paul of PM Realty Advisors Inc. and attorney Keith Elkins of Jeffer, Mangels, Butler, Marmaro negotiated for the seller.