Inland Purchases CorWest Plaza for $33M

The purchase increases Inland's portfolio in New Britain and the New England region. The company, which is sponsored by Inland Real Estate Investment Corp., is part of the Inland Real Estate Group of companies. The firm also owns a freestanding Shaw's Supermarket in New Britain. Inland's other properties in the New England region include: the Naugatuck Valley Shopping Center in Waterbury, CT, Windsor Shopping Center in Windsor, CT, Riverdale Shops in West Springfield, MA and the Middletown Village Shopping Center in Middletown, RI, which it purchased in November for $18.5 million. The company also has triple-net lease Super Stop & Shop stores in Manchester, CT, and Seekonk, MA, and a triple0net lease Sam's Club in Worchester, MA.

CorWest Plaza is located at Exit 7 of Route 72 at the northeast corner of Corbin Ave. and West Main St. The complex, built in phases between 1999 and 2003, features 10 tenants, including a 68,073-sf Super Stop & Shop and a 12,500-sf CVS. Other tenants at the property are: Rent-A-Center, Subway, Webster Bank and Liquor Depot.

The deal was brokered by the CB Richard Ellis New York Tri-State Investment Team led by its vice chairman Jeffrey R. Dunne, who represented the seller and procured the buyer. Inland Real Estate Acquisitions president Joseph Cosenza, vice president of Inland Real Estate Acquisitions Sharon Anderson Cox and lead attorney Michael Moran represented Inland Western in the transaction.

Inland's Cosenza says of the deal, "CorWest Plaza is a newly constructed shopping center, completed just last year, and it is anchored by one of the top grocers in the region."