OAK BROOK, Ill.--(BUSINESS WIRE)--Inland Real Estate Acquisitions, Inc. announced today the acquisition of a portfolio of five Dollar General stores located in Alabama and Tennessee for a total of approximately $6.68 million. Joe Cosenza, president of Inland Real Estate Acquisitions, Inc. and a vice chairman of The Inland Real Estate Group, Inc., facilitated the transaction.
The purchase was made on behalf of Inland Real Estate Income Trust, Inc.
“We have a history of purchasing Dollar General stores because we believe that Dollar General is a strong tenant,” Cosenza said. “These five stores are located in markets that we think are well-suited to Dollar General’s target demographic, and the company’s commitment to these markets is demonstrated by the long-term leases in place.”
All five properties were purchased with new 15-year triple net leases in place. Square footage of the stores ranges from approximately 9,000 square feet to more than 12,400 square feet. Dollar General is rated BBB- by Standard & Poor’s.
About Inland Real Estate Acquisitions, Inc.
Inland Real Estate Acquisitions, Inc. facilitates acquisitions for various entities that are a part of The Inland Real Estate Group of Companies, Inc. (“Inland”). Headquartered in Oak Brook, Ill., Inland has been ranked one of the largest shopping center owners and managers in North America (Retail Traffic, May 2012) and the fastest-growing acquirer of retail property in the U.S. (Chain Store Age, May 2012). As of June 30, 2012, Inland-sponsored companies owned and managed in total over 115 million square feet of diversified commercial real estate in 47 states, as well as managed assets in excess of $20.2 billion. Inland is comprised of a group of independent legal entities some of which may be affiliates, share some common ownership or have been sponsored and managed by Inland Real Estate Investment Corporation or its subsidiaries. For additional information, please refer to Inland’s website at www.inlandgroup.com.
About Inland Real Estate Income Trust, Inc.
Inland Real Estate Income Trust, Inc. was formed in August 2011 to acquire, directly or through joint ventures, a diversified portfolio of commercial real estate located throughout the United States. Inland Real Estate Income Trust, Inc. is sponsored by Inland Real Estate Investment Corporation.