PITTSBURGH, PA — Oak Brook, IL-based Inland Real Estate Income Trust has acquired Settlers Ridge, a 472,000 square-foot retail center in Pittsburgh, PA.
The REIT also acquired a smaller center in Connecticut. Matthew Tice, vice president of Inland Real Estate Acquisitions, facilitated the purchases of the properties on behalf of Inland Income Trust.
“The acquisition was a phenomenal opportunity to add two strong, necessity-based assets to Inland Income Trust's growing retail portfolio,” says Mitchell Sabshon, president and chief executive officer of Inland Real Estate Investment Corporation. “With their solid national tenant line-ups and strong demographics, these grocery-anchored centers match perfectly with Inland Income Trust's strategy to acquire high quality multi-tenant retail assets.”
Located at 200 Chestnut Ridge Drive in Pittsburgh, Settlers Ridge was constructed from 2008 through 2011. The 472,572-square-foot property is anchored by Market District, a gourmet grocery and dining concept by Giant Eagle. Settlers Ridge is 98.5 percent occupied as of the acquisition date with more than 40 tenants, including Cinemark, LA Fitness, Barnes & Noble, Michael's, Ulta Beauty, Panera Bread, P.F. Chang's China Bistro and Cadillac Ranch.
The second center, Milford Marketplace, located at 1650 Boston Post Road in Milford, CT, was constructed in 2007 and is anchored by Whole Foods. Other tenants in the 112,257-square-foot property include Banana Republic, Chico's, People's United Bank, J. Jill and Justice.
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