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ORLANDO-Following its two-year-old monthly purchase program, Inland Retail Real Estate Trust Inc. of Oak Brook, IL has picked up its 23rd Florida property with the $7.4 million acquisition ($110.41 per sf) of the 44,271-sf, 100%-leased Crystal Springs Shopping Center in Crystal River, FL, 90 miles northwest of Downtown Orlando.

Cyrstal Springs LLC of Montgomery, AL sold the 18-month-old, 13-tenant center anchored by a 44,271-sf Publix and backed up by Blockbuster, Subway and H&R Block stores. Quoted average rents are in the $15-per-sf to $20-per-sf range.

“We still believe grocery-anchored centers are the investment of choice and there is no better grocer in Florida than Publix,” Lou Quilici, vice president, Inland Real Estate Acquisitions Inc., says in a prepared statement. This is Inland Retail’s 16th Publix-anchored acquisition. “We’re always looking for more,” Quilici says.

The acquisition brings Inland’s Florida portfolio to 4.25 million sf out of a total portfolio of 54 properties measuring 8.11 million sf.

Quilici and outside attorneys Andrew Viola and Charles Benvenuto represented Inland. Attorney Ing Hill negotiated for the seller.

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