The transaction gives the Illinois developer/investor 17 Georgia properties totaling 3.6 million sf with an estimated acquisition cost of $321 million based on an average $90 per-sf purchase price, according to GlobeSt.com research.
Inland paid $30 million or $100 per sf for the first 300,000-sf phase in December 2001. A 55,696-sf Koger supermarket anchors the center. Macon is 60 miles south of Downtown Atlanta.
"The tenants read like a Who's Who in Retail," Inland Real Estate Acquisitions senior vice president Steve Sanders says in a prepared statement. "The location is ideal with Eisenhower Crossing and the (1.4 million-sf) Colonial Macon Mall combining to make a regional retail hub for Macon and the 25-county Central Georgia area."
Eisenhower Crossing is on Eisenhower Parkway, midway between the Colonial Macon Mall and the Interstate 475 interchange. Among the tenants are Target (125,000 sf), Best Buy (45,720 sf), Old Navy, Staples, Michael's, Marshall's, Bed, Bath & Beyond, Dick's Sporting Goods, Hobby Town, Cingular Wireless and Radio Shack.
Sanders and outside counsel Charles Benvenuto represented Inland in the acquisition. David Lampke negotiated for Faison-Sofran.
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