OAK BROOK, Ill.--(BUSINESS WIRE)--Inland Real Estate Income Trust, Inc. announced today the acquisition of the 69,381-square-foot Park Avenue Shopping Center in Little Rock, Ark., for a purchase price of $28.12 million. Lou Quilici, senior vice president of IREIT Business Manager & Advisor, Inc., assisted Matthew Tice, vice president of Inland Real Estate Acquisitions, Inc., in the purchase of the property.
Well situated at the corner of two major thoroughfares, West Markham Street and South University Avenue, Park Avenue Shopping Center is located approximately five miles west of downtown Little Rock and directly across the street from a major area hospital. The property consists of three single-tenant buildings, three multi-tenant buildings and a two-level parking structure. The acquisition also provides the right to expand one of the three buildings by up to 9,500 square feet, increasing the center’s retail space to over 78,000 square feet.
Park Avenue Shopping Center is 95 percent leased and tenants include Staples, Cheddar’s Casual Café, Newk’s Eatery, Panera Bread, Verizon Wireless and Mattress Firm. The property is shadow-anchored by a Target “P Fresh” store, Target’s new and successful grocery-focused store format, and an LA Fitness, neither of which was acquired.
About Inland Real Estate Income Trust, Inc.
Inland Real Estate Income Trust, Inc. was formed to acquire, directly or through joint ventures, a portfolio of commercial real estate located throughout the United States. Inland Real Estate Income Trust, Inc. is focused on acquiring primarily core multi-tenant retail assets. Inland Real Estate Income Trust, Inc. is sponsored by Inland Real Estate Investment Corporation.
About IREIT Business Manager & Advisor, Inc.
IREIT Business Manager & Advisor, Inc., an Illinois corporation and a wholly owned subsidiary of Inland Real Estate Investment Corporation, is the business manager of Inland Real Estate Income Trust, Inc. In addition to its other duties for Inland Real Estate Income Trust, Inc., IREIT Business Manager & Advisor, Inc. focuses on identifying and acquiring real estate assets for Inland Real Estate Income Trust.
