Inland Institutional fund acquires Pennsylvania shopping center

OAK BROOK - Inland Institutional Capital said an institutional fund that it advises has acquired Lower Makefield Shopping Center, a grocery and drug store-anchored property in Yardley, Pennsylvania.

Matthew Tice, senior vice president of Inland Real Estate Acquisitions, Inc., facilitated the purchase on behalf of the fund.

"We are pleased to add this high quality, necessity-based retail center to the fund's portfolio. Lower Makefield Shopping Center is anchored by two nationally respected tenants, a Giant (Ahold) grocery store and a Rite-Aid pharmacy. This retail center fits well with our belief that grocery and drug store-anchored shopping centers continue to benefit from consistent consumer demand and limited online competition," said George Pandaleon, president of Inland Institutional Capital.

"Lower Makefield Shopping Center, like other properties in this portfolio, will benefit from its association with The Inland Real Estate Group of Companies, Inc., which provides enhanced leasing services, rent growth programs and acquisitions expertise, as well as principal-to-principal relationships with national retailers," said Howard Fields, senior vice president of Inland Institutional Capital.