Sixteen shopping centers, three of which were Miami commercial real estate properties, have been purchased an arm of the Inland Real Estate Group of Cos. for $424 million.
CB Richard Ellis National Retail Investment Group represented the seller which was a joint venture between TIAA-CREF and Developers Diversified Realty.
The purchase was made on behalf of Inland American Real Estate Trust, a public, non-traded real estate investment trust.
Boynton Commons in Boynton Beach, Paradise Place in West Palm Beach and Universal Plaza in Lauderhill are included in the 3.5 million-square-foot portfolio.
Mark Cosenza, VP of Inland Real Estate Acquisitions, Inland’s purchasing arm, said in a statement, “This portfolio represents the type of core retail real estate assets that play a prominent role in people’s everyday lives, and we believe that makes it an attractive investment. Consumers today are focusing on value and convenience, and the majority of these shopping centers have strong grocery and value-based tenants, including leading retailers, like Wal-Mart, Publix, Kohl’s, Lowe’s, Bed Bath & Beyond, PetSmart, Staples, Dollar Tree, Marshalls and Old Navy. We think these shopping centers will continue to perform well in all economies.”
Contributed by MLR Realty
