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Inland Real Estate Acquisitions, Inc. (IREA) has purchased two Publix-anchored shopping centers in Florida for $20 million, on behalf of Inland Diversified Real Estate Trust, Inc. (Inland Diversified). The 66,510-square-foot Lake City Commons in Lake City was acquired for $10.6 million, while the 78,820-square-foot Publix Shopping Center in St. Cloud was bought for $9.4 million.
“As the dominant supermarket chain operating in Florida, Publix has proven to be a very strong anchor for these centers, both of which are 100 percent leased,” said IREA VP Mark Cosenza, who facilitated the purchases. “Both of the grocery stores enjoy outstanding sales volume, attracting strong foot traffic to their supporting lineups of retailers and restaurants.”
The centers are the fourth and fifth properties in Inland Diversified’s Florida portfolio. Earlier, the company bought Publix-anchored centers in Kissimmee and Port St. Lucie, Fla., and now owns and manages almost 700,000 square feet in the state.
“Grocery-anchored centers located in what we believe to be the nation’s strongest markets continue to be an important focus as we build a portfolio of diversified real estate assets,” noted Inland Diversified president and COO Barry Lazarus. “We believe that Florida’s overall pro-business structure, the lack of a state income tax, and a Sunbelt climate with a marked appeal to those looking to relocate combine to give the state strong growth potential in the longer term.”
Inland Real Estate Acquisitions is the purchasing arm for various entities that are a part of The Inland Real Estate Group of Cos., Inc., based in Oak Brook, Ill. Inland is composed of a group of independent legal entities some of which may be affiliates, share some common ownership or have been sponsored and managed by subsidiaries of Inland Real Estate Investment Corp. Inland Diversified is a public, non-listed real estate investment trust (REIT) that focuses on acquiring and developing commercial real estate in the United States and Canada, in addition to the potential acquisition of other REITs or real estate operating companies.