Inland Closes $300 Mil Shopping Center Deal With Thomas

ATLANTA-Thomas Enterprises Inc. of Smyrna, GA is close to selling more than $300 million of its shopping center portfolio to Oak Brook, IL-based Inland Retail Real Estate Trust, Inland corporate communications chief Rick Fox confirms to GlobeSt.com.

The separate transactions will close over the next four months. The deal would be the latest in a series of acquisitions by Inland. The REIT owns more than 4.4 million sf of retail space, all of it in the Southeast. In Atlanta, Inland owns 1.2 million sf.

Inland’s Atlanta-area properties include Pleasant Hill Square in Duluth, Town Center Commons, Kennesaw, GA; Woodstock Square in Cherokee County; and Stonebridge Square in Roswell, GA.

Thomas Enterprises has developed more than 15 million sf of retail space in the Southeast in the last eight years. Thomas is trying to sell its assets to free cash for future projects, according to published reports.

Earlier this year, Thomas offered New York-based Kimco Realty Corp. an eight-shopping-center package worth more than $300 million, according to published reports. Included in that deal were Douglasville Pavilion, Venture Point shopping center in Duluth, Southlake Pavilion in Clayton County and Barrett Pavilion in Kennesaw.

In May, Thomas sold the 330,000 sf Snellville Pavilion to Kimco for $27.3 million according to the report.