Inland Pays $21M for First Phase of Center

BRYANT, AR-Inland American Real Estate Trust Inc. has acquired the first phase of the 320,000-sf Alcoa Exchange Shopping Center. The Chicago-based REIT acquired the 90,740-sf first phase for $20.9 million.

The center’s first phase at Interstate 30 and Bryant Road is close to 100% leased with tenants Kohl’s, Old Navy and Shoe Carnival. The property is anchored by a 126,000-sf Target, which was not part of the acquisition.

According to a recent filing with the Securities and Exchange Commission, Inland previously had a security interest in the property, based on a loan agreement between the company and developer Tricore Partners of Atlanta. The $18.7 million loan was paid off with the transaction. Representatives from Inland could not be reached by deadline.

Alcoa Exchange Shopping Center was constructed on 30 acres in 2006 and 2007 at a total cost of $50 million. The center was Tricore’s first development in Arkansas. Other tenants include Petco, Chili’s and Best Buy. The Petco and Best Buy stores, which were not part of the Inland American acquisition, are situated on five acres in the city of Benton, which is adjacent to Bryant.

Tricore built the retail center because the area was underserved from a retail perspective. The nearest retail center before Alcoa Exchange opened was Little Rock, which is approximately 50 miles away from the Bryant-Benton area. Bryant and Benton are part of Saline County. According to the Saline County Economic Development Corp.’s Web site, the county’s population stood at 91,188 people, an increase of approximately 9.2% from 2000.