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06/16/2022

Inland acquires eight grocery-anchored properties

Al Urbanski
Real Estate Editor & Manager
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New Town Village in Owings Mills, Md., is one of Inland's new acquisitions.

Inland Real Estate Group is expanding its portfolio.

Inland Real Estate Group, which sold more than 70 properties in 2021, has acquired eight grocery-anchored centers across the United States for $278 million.

"This portfolio provides geographic diversity, income diversity and tenancy diversity. And although there is a little choppiness in the markets, we are seeing no slowdown in demand for well-located opportunities across the country," said Chris Angelone, co-head of U.S. retail capital markets for JLL, which represented the seller in the transaction, which was unnamed.

Indeed, Inland’s new acquisitions do span the United States. They are:

  • Olde Ivy Village, 4330 East-West Connector, Smyrna, Ga. (Atlanta)
  • Denton Village, 4930 Teasley Lane, Denton, Texas (Dallas)
  • Northpark Square Village, 27706-27776 McBean Pkwy., Valencia, Calif. (Los Angeles)
  • Northville Park Place, 18771-39869 Traditions Dr., Northville, Mich. (Detroit)
  • City Place, 205 Radio Dr., Woodbury, Minn. (Minneapolis)
  • Rusty Leaf Plaza, 2512-2560 E. Chapman Ave., Orange, Calif. (Orange County)
  • Lower Makefield Shopping Center, 700 Stony Hill Rd., Yardley, Pa. (Philadelphia)
  • New Town Village, 9700 Groffs Mill Dr., Owings Mills, Md. (Washington, D.C.)

The eight properties, according to JLL, are 88.5% leased and, in aggregate, devote more than a third of their space to grocery chains that include Ralphs, Target, Whole Foods Market, Trader Joe’s, Giant, and Sprouts Farmers Market. All are located in dense markets in neighborhoods averaging household incomes in excess of $130,000.

"This trade is a terrific example of another high-quality grocery-anchored portfolio of scale trading in dense markets," Angelone said.

In 2021, Inland sold 77 properties for $1.5 billion, resulting in a 13.23% weighted average annual return across all asset classes.