Inland sinks money into pricey Arizona mall

An affiliate of The Inland Real Estate Group of Cos. has purchased nearly 50 percent of the Yuma Palms Regional Shopping Center in Yuma, Ariz.

The value of the transaction was $95.7 million.

Inland is buying 496,224 square feet of the million-plus-square-foot center, the total square footage of which includes several major "big box" shadow anchors -- retailers that own their own spaces but which benefit the shopping center's owner by drawing traffic to the center as a whole. These shadow anchors include Target, Kohl's and Sam's Club. Among the major tenants for whom Inland will be the landlord: Best Buy, Sports Authority, PetSmart, Ross Dress for Less, Harkins Yuma Palms 14 Theatres, Linens 'n' Things, Marshall's, Bath & Body Works, and Cold Stone Creamery.

Yuma Palms, one of the largest shopping centers in southwestern Arizona, had its grand opening in 2004 and was more than 97 percent occupied at the time of sale.

The identity of the seller was not disclosed.

The Inland Real Estate Group of Cos. Inc., based in Oak Brook, Ill., is the fifth-largest shopping center owner in North America, according to a November 2005 report in Shopping Centers Today, an industry trade magazine.

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