X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

ATLANTA-Inland Retail Real Estate Trust Inc. has closed on its 24th purchase in 24 months, bringing its Southeastern portfolio of owned properties to the three million-sf mark with assets valued at $290 million.

The Oak Brook, IL-based investor paid 965 North Point Commons of Atlanta $4.9 million or $127.54 per sf for the freestanding, eight-month-old, 38,418-sf Jo-Ann Fabrics store at the North Points Commons Shopping Center in suburban Alpharetta, GA.

Although he paid top dollar for the asset, IRRETI president Barry Lazarus says in a prepared statement he was drawn to the property by its solid demographics. “The area has experienced strong population growth, paving the way for continuous commercial growth,” Lazarus says.

The store is just east of GA 400; a half mile from the North Point Mall; and 25 miles north of Downtown Atlanta. Jo-Ann Stores Inc. has a double-net lease which runs through 2016.

Lazarus and outside counsel Charles Benvenuto represented IRRETI in the transaction.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.