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Inland Real Estate Income Trust Buys Fresno Retail Center for $70 Million

Inland Real Estate Income Trust Inc., a publicly registered non-traded real estate investment trust, purchased Marketplace at El Paseo in Fresno, California for $70 million.

“We are pleased to expand the reach of Inland Income Trust’s portfolio and the company’s geographic footprint to California with the purchase of Marketplace at El Paseo,” said Mitchell Sabshon, president and chief executive officer of Inland Real Estate Investment Corporation. “This acquisition was an ideal match for Inland Income Trust’s strategy to acquire high quality multi-tenant retail assets.”

Built in 2014, Marketplace at El Paseo is a 224,683-square-foot retail center located in a high-traffic residential and retail corridor, with more than 122,000 consumers within a five-mile radius. The property is 96 percent leased to a roster of national tenants, including Burlington Coat Factory, Marshalls, Ross Dress for Less, Old Navy, Petco, Ulta Beauty and Famous Footwear. The center is shadow-anchored by Target, which was not acquired in the transaction.

Inland Real Estate Income Trust was formed to acquire a diversified portfolio of commercial real estate assets located throughout the United States. The company focuses primarily on multi-tenant retail centers, and as of June 30, 2015, owned 46 retail properties located in 19 states that total 4.5 million square feet.