Inland Real Estate acquires S. Carolina retail center

OAK BROOK - Inland Real Estate Income Trust announced it has acquired the 311,313-square-foot Coastal North Town Center in North Myrtle Beach, South Carolina, located approximately 123 miles north of Charleston.

Terms of the acquisition were no announced. Mark Cosenza, senior vice president of Inland Real Estate Acquisitions, facilitated the purchase of the property on behalf of Inland Income Trust.

"We're thrilled to add the newly constructed Coastal North Town Center to Inland Income Trust's growing portfolio. Anchored by a 49,098-square-foot Publix, this center aligns with our strategy to acquire high quality grocery-anchored retail assets," said Mitchell Sabshon, president and chief executive officer of Inland Real Estate Investment Corporation. "This well-located shopping center provides access to a host of restaurants, clothing retailers and necessity-based services to the 16 million consumers that visit Myrtle Beach each year."

Constructed in 2014, Coastal North Town Center is located at Highway 17 and 11th Avenue. The shopping center is well-situated in a high-traffic retail row that draws approximately 33,880 consumers within a five-mile radius.

Coastal North Town Center was 93.47 percent leased, as of the acquisition date. In addition to Publix, tenants include Hobby Lobby, Dick's Sporting Goods, Ulta Beauty, PetSmart, T.J. Maxx, Ross Dress for Less, Rack Room Shoes, Mattress Firm and a variety of restaurants.