Inland Western Retail Real Estate Trust has made its first two purchases in Tennessee, and also purchased a property in South Carolina.
The total value of the transactions was approximately $59.8 million.
The Columns, purchased for $20.8 million, is a shopping center located at 1300 Vann Drive in Jackson, Tenn., which is 85 miles east of Memphis. The 173,587-square-foot center is newly constructed with approximately 45,000 square feet to be completed by late November. When the second phase is complete, the shopping center will include a 30,000-square-foot Best Buy, a 28,000-square-foot Marshall’s, a 14,800-square-foot Old Navy, a 20,1870-square-foot Ross Dress for Less, a 20,000-square-foot Bed Bath & Beyond, and an assortment of other national, regional and local tenants.
Harvest Towne Center, purchased for $8.95 million, is located at 4824 N. Broadway St. in the heart of the Knoxville, Tenn., retail corridor. Featuring 32,965 square feet of retail space, the property includes a CVS Drug Store, several local tenants, as well as ground leases to Taco Bell, Krispy Kreme and Ruby Tuesday.
Jackson Property Associates GP sold The Columns; Jaffe of Weston Inc. sold Harvest Town Center.
In South Carolina, Inland purchased the newly constructed Azalea Square Shopping Center in Summerville, located 10 miles from Charleston, for just over $30 million.
Of Azalea Square’s 395,156 square feet of rentable space, Inland Western purchased 181,360 square feet. Tenants of this center include T.J. Maxx, Ross Dress for Less, Linens ‘n Things, PetsMart, Cost Plus, Pier 1 and other credit and local tenants.
Oak Brook, Ill.-based Inland Western is part of The Inland Real Estate Group of Cos. Inc., a national real estate conglomerate.
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