Inland to buy 2 malls for $38.4 million

Oak Brook-based Inland Real Estate Acquisitions Inc. announced today the acquisition of two adjacent shopping centers in Fort Myers, Fla., for a total of about $38.4 million.

The 272,358-square-foot Colonial Square Town Center, anchored by Kohl's, was purchased for $27.6 million. The nearby 78,835-square-foot Shops at Village Walk, anchored by a Publix grocery store, was purchased for $10.8 million.

The properties were acquired on behalf of Inland Diversified Real Estate Trust Inc. and the purchase was facilitated by Joe Cosenza, president of Inland Real Estate Acquisitions and vice chairman of The Inland Real Estate Group of Companies Inc.

“Both of these shopping centers are anchored by what we believe are very strong tenants, Kohl's and Publix, and we believe that their proximity to each other and complementary tenant mix will continue to drive shoppers to the area,” Cosenza said. “In addition, these are newly developed centers, both constructed within the last two years.”

Additional tenants at Colonial Square Town Center include Sports Authority, PetSmart, Dollar Tree, Famous Footwear, AT&T Mobility and Hobby Lobby, which will begin operating in January 2011. Shops at Village Walk's other tenants include Eyeglass Works, Fantastic Sams, a nail salon, a flower shop and several restaurants.

“We still believe in the long-term growth in the state of Florida,” commented Barry Lazarus, president and chief operating officer of Inland Diversified. “The combination of a favorable business environment, the Sun Belt climate, the lack of state income tax and a reasonable cost of living make it a desirable place for people to live. Additionally, there is a lot of infrastructure in place in towns like Fort Myers that we believe will be developed as the economy improves.”