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ATLANTA-Never shy with its purse strings when it comes to acquiring prime retail assets in growing markets, Inland Real Estate Acquisitions Inc. of Oak Brook, IL has purchased newly constructed neighborhood shopping centers in three suburbs totaling 340,143 sf. The total acquisition price of $70.8 million equates to an average $208 per sf.

Already considered the top retail owners in the metro market, 35-year-old Inland paid Hendon/John’s Creek Village LLC $42.5 million, or $221.96 per sf, for the 191,475-sf John’s Creek Village in Duluth. Area retail brokers not associated with the transaction tell GlobeSt.com the $221.96-per-sf price may be a record high for a neighborhood shopping center transaction in metro Atlanta.

Inland chairman Joe Cosenza, who negotiated the Duluth deal for his firm, calls all three acquisitions “great new centers in growing areas of Atlanta.” He adds, “These properties typify our growing portfolio in the Atlanta market.”

The Duluth property was the only one of the three acquisitions still under construction. The total purchase price of $42.5 million includes an initial closing price of $29.1 million with earn-outs estimated to be an additional $13.4 million when the final building is completed, Cosenza says. The initial closing was for 141,325 sf with an additional 50,150 sf to be completed.

Current tenants at John’s Creek Village include Ross Dress For Less, TJ Maxx, LA Fitness, Chipotle, Electronics Boutique, Chili’s, IHOP and Starbucks.

Inland paid Paradise Development Group Inc. of Safety Harbor, FL $15.2 million, or $194.73 per sf, for the 78,058-sf Paradise Shoppes of Prominence Point in Canton. The REIT paid the same seller $13.1 million, or $185.53 per sf, for the 70,610-sf Paradise Shoppes of Dallas in Dallas, GA.

Paradise Shoppes of Prominence Point national tenants include Blockbuster, Great Clips and the UPS Store. Subway, Verizon and Great Clips are among the name tenants at Paradise Shoppes of Dallas.

Steve Sanders, senior vice president, Inland Real Estate Acquisitions Inc., negotiated both transactions for his company. Inland Real Estate Acquisitions Inc. purchased the three assets for Inland Western Retail Real Estate Trust Inc. and Inland Retail Real Estate Trust Inc. Both trusts are sponsored by Inland Real Estate Investment Corp. which is part of the Inland Real Estate Group of Cos.

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