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ORLANDO-Inland Retail Real Estate Trust Inc. of Oak Brook, IL paid North American Properties-Southeast Inc. of Cincinnati, OH $8 million or just about the construction cost of the newly built, 100%-leased, 69,472-sf Lakewood Ranch Shopping Center in Bradenton, FL, 80 miles west of Downtown Orlando.

Joe Cosenza, chairman, Inland Real Estate Acquisitions Inc. and Gary Pechter represented Inland. North American, a 48-year-old real estate investment/development firm, represented itself.

In a second Florida acquisition, Inland paid the St. Joe Co. of Jacksonville, FL $800,000 or $72,727 per acre ($1.67 per sf) for an 11-acre parcel in Tallahassee, FL where a planned shopping center will be anchored by a Publix store. Inland has contracted to buy the center at a negotiated price when it is completed.

Steven Sanders, senior vice president, Inland Real Estate Acquisitions Inc. and outside counsel Charles Benvenutto negotiated for Inland. Joe Rossi represented St. Joe.

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