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ATLANTA-Oak Brook, IL-based Inland Retail Real Estate Trust extends its recent buying spree to Alabama with the purchase of McFarland Plaza in Tuscaloosa from Tuscaloosa-based CAP Bama, LLC for $15.33 million, or $69 per sf.

The shopping center at the intersection of McFarland Blvd and Hargrove Road is near the University of Alabama and the Tuscaloosa Regional Mall.

McFarland Plaza was built in 1978 and underwent a major renovation last year. It is 97% occupied, and its anchors are a 20,620-sf Circuit City, a 34,530-sf Toys R Us, a 23,500-sf Office Max, a 36,281-sf Stein Mart, and a 22,060-sf Old Navy. Other tenants include Show Carnival, Dollar Store and H & R Block.

In a printed statement, Steve Sanders, Inland’s senior vice president, says the expansion of a Mercedes Benz facility in Tuscaloosa is contributing to that market’s rapid growth, “further establishing the McFarland Boulevard retail corridor as a primary retail destination.”

The seller is an affiliate of Dallas-based Centennial American Properties, LLC. Sanders negotiated the transaction from Inland’s Holmes Beach, FL office with outside counsel Charles Benvenuto. David W. Glenn represented the seller.

While this is Inland’s first Alabama acquisition, it is not its last. According to a printed statement, the REIT will close on a retail center in Huntsville later this year. It is awaiting completion of construction at the 504,364-sf Westside Center there, which is part of a $316-million package for eight shopping centers that Inland negotiated last year with Smyrna, GA-based Thomas Enterprises.

At the time of the McFarland Plaza purchase, Inland also acquired a Tampa, FL center. Together, they increase Inland’s portfolio to 67 retail properties.

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