In addition to paying an average of $175 per sf, the ability to close quickly aided the REIT in its latest series of buys, company officials say. "In today's marketplace, our reputation for closing on properties in only 30 days and our ability to pay all cash without any financing contingencies, certainly gives us an edge in obtaining high quality properties in prime locations," says Inland Real Estate Acquisitions, Inc. chairman Joe Cosenza.
The largest properties in the recent series of acquisitions are the 359,287-sf Arvada Marketplace in Arvada, CO; the 350,994-sf Dorman Center in Spartanburg, SC; and the 334,261-sf Eastwood Towne Center in Lansing, MI. Three more properties are at least 200,000 sf, with the 213,423-sf Peoria Crossings Shopping Center in Peoria, AZ; the 205,464-sf Watauga Pavilion in Watauga, TX; and 204,427-sf Best on the Boulevard in Las Vegas.
The 135,289-sf Bluebonnet Parc in Baton Rouge, LA and 109,888-sf North Rivers Town Center in Charleston, SC are now in the REIT's portfolio as well as the 81,273-sf Paradise Valley Marketplace in suburban Phoenix and 55,066-sf Alison's Corner Shopping Center in San Antonio, TX.
"We look for retail centers anchored by the market leaders in their category and credit tenant triple-net lease properties," Cosenza explains.
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