Inland Real Estate Income Trust acquires Virginia marketplace

OAK BROOK - Inland Real Estate Income Trustsaid it acquired the approximately 210,000-square-foot Marketplace at Tech Center, a newly constructed grocery-anchored center, in Newport News, Virginia.

Terms of the acquisition were not announced.

Mark Cosenza, vice president of Inland Real Estate Acquisitions, Inc., facilitated the purchase of the property on behalf of Inland Income Trust.

"Marketplace at Tech Center is a terrific addition to Inland Income Trust's retail portfolio because of its exceptional variety of high-caliber grocery, restaurant, clothing and retail offerings," said Mitchell Sabshon, president and chief executive officer of Inland Real Estate Investment Corporation. "With its diverse tenant mix, strong demographics and ideal location near major employers, including the Thomas Jefferson National Accelerator Facility, Marketplace at Tech Center is a dominant retail property in the market and is well positioned for future growth."

Newly constructed in 2015, Marketplace at Tech Center is located at 12080 Jefferson Avenue. The shopping center offers the approximately 172,000 residents living within a five-mile radius access to a 39,998-square-foot Whole Foods grocery store.

In addition to Whole Foods, Marketplace at Tech Center tenants include Steinmart, DSW, Ulta Beauty, Five Below, BJ's Brewhouse, Mattress Firm, AT&T and Massage Envy.