Inland will pay $39.2 million, or a little over $99 per sf, for the center when the loan matures this fall, according to Jason Lazarus, who works on acquisitions from Inland's Atlanta office.
The property was completed in 2002, and it is anchored by a 205,300-sf Wal-Mart supercenter. Additional tenants include Applebee's, Subway, Fashion Bug and a variety of small retail firms. Lazarus could not tell GlobeSt.com the precise occupancy level, "because it's currently in flux."
Acknowledging that the loan/purchase structure is unusual, he said he could not reveal why it is being structured this way. He corrected a report, published elsewhere, that described the property as an "enclosed mall" that "is being developed into a power center."
"It's fully developed," he said, adding, "I'd call it a Wal-Mart supercenter shopping center." Wal-Mart supercenters carry groceries and typically also contain hair salons, eyecare centers and other retail and service units.
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