Inland Shells Out $121M for Six GA Centers

Atlanta area retail brokers and consultants tell GlobeSt.com Inland paid a premium for the portfolio but "bought the cream of the crop." One Midtown broker who asked for anonymity tells GlobeSt.com, "Anytime you pay more than $100 per sf for a retail property, you are paying a premium price."

Three of the centers in metro Atlanta are anchored by Kroger supermarkets. They are the 82,792-sf Green's Corner in Cumming, purchased for $12.8 million or $154.60 per sf; the 78,896-sf Newton Crossroads in Covington, purchased for $10 million or $126.74 per sf; and the 80,772-sf Stilesboro Oaks in Acworth, bought for $12.6 million or $155.99 per sf.

"This trio of properties fits our acquisition criteria nicely," says Joe Cosenza, president, Inland Real Estate Acquisitions Inc. "They are all grocery-anchored retail centers anchored by one of the top grocers in the market." Cosenza negotiated for Inland Western on all three properties purchased from FFI American Market Fund LP.

The largest of the six-property purchase is the 722,244-sf Henry Town Center at Interstate 57 and Jonesboro Road in McDonough, 32 miles south of Downtown Atlanta. Inland paid Henry Town Center LLC $62 million, or an average $139.54 per sf, for 444,296 sf in the center.

In Evans, a fast-growing suburb of Augusta, Inland paid Eastern Retail Holdings LP $8.8 million, or $116.25 per sf, for the 75,685-sf Evans Towne Center.

The sixth Inland acquisition was the 98,290-sf Newnan Crossing Phase II in Newnan, scheduled to be completed this spring. Inland paid $15 million or $152.60 per sf for the asset. The sellers were Fourth Quarter Properties XIV LLC and Fourth Quarter Properties XL LLC. Inland purchased the first phase of Newnan Crossing in December 2003. The property at 591 Bullsboro Dr. is about 38 miles southwest of Downtown Atlanta.