The acquisition, from Wilton Partners Daytona Ltd. gives the Illinois REIT 16 Florida properties totaling 1.83 million sf, one of the largest retail investment portfolios in the state. Inland owns and operates a total 26 properties totaling 3.12 million sf in Florida, Georgia, Virginia and Tennessee.
Inland has been paying an average $115 per sf for Florida properties this year, based on the company's previous disclosures.
The Just for Feet site is adjacent to the 950,000-sf Volusia Mall and across the street from the Daytona International Speedway and the Daytona International Airport.
The Daytona purchase "fits into our strategy of keeping our properties in close proximity which cuts down on management costs," Barry Lazarus, the REIT's president, says in a prepared statement.
Lazarus and outside counsel Charles Benvenuto represented IRRETI in the transaction. Paul Boneham of Rockwood Realty, Daytona Beach, negotiated for the seller.
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