Inland Western Pays $189M for Five NY-Area Assets

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OAK BROOK, IL-Inland Western Retail Real Estate Trust’s most recent buying spree east of the Mississippi River has added five New York and Connecticut centers totaling one million sf for $188.7 million. The centers formerly owned by Connecticut-based investor Lou Ceruzzi have minimal vacancies, with Home Depot an anchor tenant at two of them.

The priciest among the new assets is the 220,631-sf Gardiner Manor Mall in Bay Shore, NY, which cost $65.2 million or $296 per sf. A King Kullen supermarket, Linens ‘n Things, Old Navy, Staples and Michaels are among the 16 tenants in the center, one of two Long Island properties acquired.