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WATERBURY, CT-The 380,000-sf Naugatuck Valley Shopping Center at 920 Wolcott St. here has changed hands. Inland Retail Real Estate Trust of Oak Brook, IL, has purchased the newly constructed complex for $49.2 million.

The deal marks the second acquisition this year in the Nutmeg State for Inland. In February, Inland entered the Connecticut retail market with the $14.6 million purchase of the Windsor Court Shopping Center, a 78,480-sf facility anchored by Stop & Shop, Blockbuster and Radio Shack. Windsor Court is just 39 miles northeast from Inland’s latest retail purchase in Waterbury.

Naugatuck Valley is anchored by a 142,500-sf Wal-Mart, a 68,366-sf Stop & Shop and Linens ‘N’ Things, which has a 35,000-sf store. It also is home to a number of other national and local tenants, including La-Z-Boy at 15,000 sf and EB GameWorld with 1,583 sf.

Joe Cosenza, chairman of Inland Real Estate Acquisitions Inc., represented Inland in the transaction, and Art Hooper represented the seller.

“We like to buy properties in clusters,” Cosenza says. “This gives us economies of scale for our property managers. Naugatuck Valley is in a solid community and is a successful center with strong tenants.”

Inland Retail Real Estate Trust Inc., is sponsored by Inland Real Estate Investment Corp. and is part of the Inland Real Estate Group of Cos., which is composed of independent real estate investment and financial companies doing business nationwide. Inland Retail owns more than 236 retail properties comprising nearly 30 million sf of retail space east of the Mississippi River.

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