OAK BROOK, Ill.--(BUSINESS WIRE)--Inland Real Estate Corporation (NYSE: IRC) today announced that it has acquired Westbury Square, a community shopping center aggregating approximately 115,000 square feet of leasable space, located in Huntsville, Alabama, for $23.4 million in cash. The 100-percent-leased center is anchored by Stein Mart, TJMaxx and Michaels, and features a vibrant mix of other national and local retailers, restaurants and service providers, including Jimmy John’s, Moe’s Southwest Grill, Jenny Craig, and BB&T.
“Westbury Square is well-positioned in a dominant location within an infill trade area and is fully-leased to a high-quality mix of retailers, attributes that should support strong tenant sales and sustained income growth at the center,” said Scott Carr, executive vice president and chief investment officer for Inland Real Estate Corporation. “In addition, the center is the fourth acquisition we have completed in the southeastern region of the United States over the past 15 months, and represents further progress toward our goal of enhancing the diversification of our operating platform.”
Westbury Square’s key position at the highly-trafficked intersection of Highway 53 (Memorial Parkway South) and Airport Road provides a permanent location advantage. Highway 53 is the primary north-south artery bringing traffic into downtown Huntsville from the affluent southern suburbs and is a main route used by commuters to the U.S. Army’s Redstone Arsenal. Airport Road is a major east-west thoroughfare providing direct access to Highway 53. In addition to commuters, Westbury Square serves a growing immediate trade area of upper-to-middle income neighborhoods with a 3-mile population of nearly 50,000 and average household income of approximately $68,000.
The Huntsville community is a primary economic engine for the northern Alabama and southern Tennessee regions. Huntsville, also known as “Rocket City”, is the heart of the northern Alabama industrial complex. In addition to the Redstone Arsenal, the Huntsville area is home to the NASA Marshall Space Flight Center, Cummings Research Park, and more than 90 companies representing nearly every major U.S. aerospace corporation. The economy in the Huntsville area is one of the strongest in the Southeast, with low unemployment and steady job growth. In 2013, the Huntsville metropolitan area became the 2nd largest MSA in Alabama.
About Inland Real Estate Corporation
Inland Real Estate Corporation is a self-advised and self-managed publicly traded real estate investment trust (REIT) focused on owning and operating open-air neighborhood, community and power shopping centers located in well-established markets primarily in the Central United States. As of December 31, 2014, the Company owned interests in 132 fee simple investment properties, including 32 owned through its unconsolidated joint ventures, with aggregate leasable space of approximately 15 million square feet. Additional information on Inland Real Estate Corporation is available at www.inlandrealestate.com. To connect with Inland Real Estate Corporation via LinkedIn, visit http://www.linkedin.com/company/inland-real-estate-corporation, or via Twitter at www.twitter.com/IRC_REIT.
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