Illinois REIT Pays $43.3M For Fort Smith Pavilion
by January 6, 2014 12:00 am 75 views
Inland Real Estate Corp. of Oak Brook, Ill., announced Dec. 23 the purchase of a regional retail center in Fort Smith for $43.3 million.
Fort Smith Pavilion was acquired Dec. 19, according to an IRC news release, and included a loan assumption of approximately $33.2 million at closing.
Phillips Edison & Co. of Cincinnati, which acquired the property in November 2010, was the seller. IRC’s purchase was made through a joint venture with Dutch financial firm PGGM.
The shopping center at the corner of Phoenix Avenue and Interstate 540, completed in November 2008, is 97 percent leased and consists of 415,000 SF of gross leasable area.
It is anchored by Target, JCPenney, Best Buy, Michaels, Bed Bath & Beyond, Old Navy and Petco.
The acquisition by IRC was part of a $63.3 million deal that also included the purchase of a 130,100-SF shopping center in Orlando, Fla., shadow-anchored by a 207,200-SF Walmart Supercenter.
Within all its operations, publicly traded IRC owns interests in 161 properties, with total leasable space of 15 million SF.