Inland REIT Adds New Hampshire Shopping Center to its Portfolio
Inland Real Estate Acquisitions Inc., the purchasing arm for various Inland entities, negotiated and helped close the purchase of Pentucket Shopping Center, a 199,000-square-foot retail center located in Plaistow, New Hampshire, approximately one mile north of the Massachusetts state border and approximately 40 miles north of Boston. Inland Acquisitions facilitated the transaction on behalf of Inland Real Estate Income Trust Inc., a publicly registered non-traded REIT. The purchase price was not disclosed.
Originally constructed in 1986 and remodeled in 2004, Pentucket Shopping Center is located at 58 Plaistow Road and is shadow-anchored by a Super Walmart with a grocery component. The shopping center is located near the border of Massachusetts and New Hampshire, and provides consumers with the benefit of no sales tax in Plaistow.
“Pentucket Shopping Center is well-situated near the border of New Hampshire and Massachusetts, positioning it as the area’s primary retail destination and providing more than 584,000 people within a 15-mile radius with convenient access to a variety of home improvement, beauty, home goods and bank retailers and an adjacent Super Walmart,” said Mark Cosenza, senior vice president of Inland Real Estate Acquisitions. “This recently renovated shopping center has well-established tenants and is ideally located within its respective region, making it a prime example of the type of retail acquisitions we continue to seek out.”
The acquisition marks the 75th retail property purchase Inland Real Estate Acquisitions has accomplished over the last 26 months, totaling more than $1.6 billion in retail purchases.
Inland Real Estate Income Trust, which invests in multi-tenant retail properties, went effective in October 2012 and closed the offering in 2015 after raising $871 million in investor equity, according to Summit Investment Research. As of December 31, 2016, the company owned a 6.3 million-square-foot portfolio of 56 properties with an investment cost of $1.36 billion and an occupancy rate of 95 percent.
To date, Inland Real Estate Acquisitions has facilitated more than $44 billion of purchases including apartments, single-tenant properties, medical office buildings and retail properties.