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Inland acquires Wedgewood Commons near Memphis
Oak Brook, Ill. — Inland Real Estate Income Trust has acquired the 159,258-sq.-ft. Wedgewood Commons Shopping Center in Olive Branch, Miss., a southeastern suburb of Memphis, Tenn. The purchase price was $33.9 million.
The property consists of four buildings and an existing structure suitable for the development of an additional 10,838 sq. ft. of leasable space, which would increase the center’s retail space to just over 170,000 sq. ft.
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Report: Dec. in-store holiday sales up from 2012
San Francisco — In-store holiday sales during December 2013 are expected to come out ahead of in-store holiday sales during the same month in the previous year. Retail analytics provider Euclid analyzed nearly 25 million domestic shopping sessions during December, revealing that shopper traffic and window conversion improved as heavy promotions kept holiday shoppers coming.