Inland Real Estate acquires 24 retail assets for $116m
Inland Real Estate Acquisitions, on behalf of an affiliate, has acquired 24 newly developed retail properties across 14 states for $116 million, or about $420 per square foot. The properties are occupied by CVS Pharmacy under 25-year triple-net leases.
Totaling 276,466 square feet, the portfolio is located in Arkansas, Georgia, Illinois, Kentucky, Louisiana, Michigan, Minnesota, New York state, Ohio, Pennsylvania, South Carolina, Texas, Virginia and Wisconsin. The Inland Real Estate Group and Inland Real Estate Acquisitions facilitated the acquisition.
The U.S. retail market did not experience much change in market conditions in third quarter 2016, according to CoStar’s third quarter 2016 Nation Retail Market report. Retail vacancy rates fell by 20 basis points to 5.0 percent in the third quarter from 5.2 percent in the second quarter. Net absorption stayed positive at 43.1 million square feet compared with 44.8 million square feet in the second