By Keith Loria, Contributing Editor
Inland Real Estate Income Trust, Inc., has acquired Settlers Ridge, a 472,572-square-foot retail center in Pittsburgh, Pa., and Milford Marketplace, a 112,257-square-foot retail center in Milford, Conn., from O’Connor/Real Vest Retail Holding Co. L.L.C. for a reported $174 million.
“The acquisition of Settlers Ridge and Milford Marketplace was a phenomenal opportunity to add two strong, necessity-based assets to Inland Income Trust’s growing retail portfolio,” Mitchell Sabshon, Inland Real Estate’s president & chief executive officer, said in a prepared statement. “With their solid national tenant line-ups and strong demographics, these grocery-anchored centers match perfectly with Inland Income Trust’s strategy to acquire high quality multi-tenant retail assets.”
Located at 200 Chestnut Ridge Drive, the Settlers Ridge acquisition represents the largest shopping center purchase in Pittsburgh in more than two years.
The center was originally completed in 2012 and is home to 40 tenants, including Cinemark, LA Fitness, Barnes & Noble, Michael’s, Ulta Beauty, Panera Bread, P.F. Chang’s China Bistro and Cadillac Ranch. It is currently 98.5 percent occupied.
According to Colliers’ most recent retail market report for the area, the Pittsburgh market remained relatively stable during the first quarter of 2015, with a minor downturn in both occupancy and lease rates. The region remained very strong overall posting a 3.8 percent vacancy rate.
Located at 1650 Boston Post Road, Milford Marketplace was constructed in 2007 and is anchored by Whole Foods. Other tenants include Banana Republic, Chico’s, People’s United Bank, J. Jill and Justice.
Two weeks ago, Inland Real Estate acquired a newly constructed 84,981-square-foot center in Lawrence, Kansas, approximately six blocks from the University of Kansas campus. That center was 100 percent leased.
Back in September of 2014, the REIT acquired a 15-property portfolio of retail centers located across eight states for an estimated $318 million from Kite Realty Group Trust.