Inland Western Retail Real Estate Trust recently purchased two newly constructed properties in Alabama: University Town Center in Tuscaloosa and Edgemont Town Center in Homewood.
University Town Center, which Inland Western bought for $10.6 million, is located along University Boulevard on Campus Drive at the University of Alabama in Tuscaloosa. Tuscaloosa is about 57 miles southwest of Birmingham, on the Black Warrior River.
University Town Center is anchored by a 28,800-square-foot Publix supermarket. The 15 other tenants of the center include Cold Stone Creamery, Qdoba Mexican Grill, Private Gallery, Firehouse Subs, The UPS Store and The Movie Gallery.
Inland Western will lease the ground beneath the buildings from the University of Alabama. The buildings in the shopping center will be owned by Inland. The center has opened in phases over the last two years.
In a separate transaction, Inland Western bought the Edgemont Town Center property for $15.6 million. The 77,655-square-foot retail center is located at 411 Green Springs Highway in Homewood, a suburb of Birmingham. The center is surrounded by the established neighborhood of Homewood as well as a large amount of retail, office warehouse and distribution space along Interstate 65.
The Edgemont Town Center is anchored by a 44,840-square-foot Publix, with a lineup of tenants including Qdoba Mexican Grill, Firehouse Subs, Pet Supplies Plus, Nextel and Rib City Grill.
Bayer Properties was the seller in both transactions.
Inland Western is a real estate investment trust that is part of The Inland Real Estate Group of Companies. Inland’s national headquarters is in Oak Brook, Ill.
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