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HOMESTEAD, PA-Continental Real Estate Cos. of Columbus, OH has sold 750,000 sf of riverfront retail space here to Oak Brook, IL-based Inland Retail Real Estate Trust for $123.5 million.

The properties make up the Waterfront, an award-winning development in the Pittsburgh area along the Monongahela River. Situated on a 256-acre former steel works site, it is one of the largest urban redevelopment sites in the country. The entire development includes more than 500,000 sf of national retailers and themed restaurants and more than 700,000 sf of big-box retailers.

Retail tenants in the space acquired by Inland Space include: Best Buy; Dick’s Sporting Goods; Bed, Bath & Beyond; TJ Maxx; Barnes & Noble; Michaels; Petco; Office Depot; Victoria’s Secret; Old Navy; Pier 1 Imports; KB Toys; Abercrombie & Fitch; and Marshall’s. Restaurant and entertainment tenants in Inland’s new portfolio include: Loews Waterfront Theatres; Dave and Buster’s restaurant; The Improv; Bar Louie Waterfront; Starbucks; Panera Bread; P.F. Chang’s China Bistro; and Mitchell’s Fish Company. Anchor Waterfront tenants not part of the acquisition include: Kaufmann’s; Lowe’s Home Improvement; Giant Eagle Foods; and Target.

Inland Real Estate Acquisitions chairman Joe Cosenza says the Waterfront is the region’s most vibrant shopping, dining, entertainment and living area. “The vision to plan and the ability to follow through on this project truly place Continental among the pioneers and leaders in commercial real estate,” says Cosenza. “Their ability to bring Kaufmann’s into this center was the icing on the cake.”

Continental will continue to work with Inland in the management and leasing of the properties.

Inland is traded on the Over-the-Counter Bulletin Board, most recently at around $9 per share. As of Sept. 30, the company owned interests in 139 investment properties. According to a November filing with the Securities Exchange Commission, the properties were generating sufficient cash flow “to pay our operating expenses, debt service requirements and distributions equal to $.94 per share on an annualized basis.”

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