{"id":1004129136,"date":"2015-10-12T06:35:45","date_gmt":"2015-10-12T14:35:45","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004129136"},"modified":"2020-05-13T02:09:05","modified_gmt":"2020-05-13T10:09:05","slug":"inland-expands-portfolio","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/inland-expands-portfolio\/","title":{"rendered":"Inland Expands Assets"},"content":{"rendered":"

<\/em>By Keith Loria, Contributing Editor<\/em><\/p>\n

Inland Real Estate Income Trust, Inc.<\/a>, 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\u2019Connor\/Real Vest Retail Holding Co. L.L.C. for a reported $174 million.<\/p>\n

\u201cThe acquisition of Settlers Ridge and Milford Marketplace was a phenomenal opportunity to add two strong, necessity-based assets to Inland Income Trust\u2019s growing retail portfolio,\u201d Mitchell Sabshon, Inland Real Estate\u2019s president & chief executive officer, said in a prepared statement. \u201cWith their solid national tenant line-ups and strong demographics, these grocery-anchored centers match perfectly with Inland Income Trust\u2019s strategy to acquire high quality multi-tenant retail assets.\u201d<\/p>\n

Located at 200 Chestnut Ridge Drive, the Settlers Ridge acquisition represents the largest shopping center purchase in Pittsburgh in more than two years.<\/p>\n

The center was originally completed in 2012 and is home to 40 tenants, including Cinemark, LA Fitness, Barnes & Noble, Michael\u2019s, Ulta Beauty, Panera Bread, P.F. Chang\u2019s China Bistro and Cadillac Ranch. It is currently 98.5 percent occupied.<\/p>\n

According to Colliers\u2019 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.<\/p>\n

Located at 1650 Boston Post Road, Milford Marketplace was constructed in 2007 and is anchored by Whole Foods. Other tenants include Banana Republic, Chico\u2019s, People\u2019s United Bank, J. Jill and Justice.<\/p>\n

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.<\/p>\n

Back in September of 2014, the REIT acquired a 15-property portfolio of retail centers<\/a> located across eight states for an estimated $318 million from Kite Realty Group Trust.<\/p>\n","protected":false},"excerpt":{"rendered":"

The retail REIT is following through with its strategy to acquire high-quality, multi-tenant portfolios.<\/p>\n","protected":false},"author":1269,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21783,11,21742,10,21749],"tags":[],"class_list":["post-1004129136","post","type-post","status-publish","format-standard","hentry","category-investment","category-midatlantic","category-latest","category-northeast","category-retail"],"acf":[],"yoast_head":"\nInland Expands Assets - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/inland-expands-portfolio\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Inland Expands Assets\" \/>\n<meta property=\"og:description\" content=\"The retail REIT is following through with its strategy to acquire high-quality, multi-tenant portfolios.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/inland-expands-portfolio\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2015-10-12T14:35:45+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-05-13T10:09:05+00:00\" \/>\n<meta name=\"author\" content=\"the Editors of Commercial Property Executive\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/inland-expands-portfolio\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/inland-expands-portfolio\/\",\"name\":\"Inland Expands Assets - 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