Inland acquires Virginia Beach shopping center for $91 million
- April 5, 2011
Inland Real Estate Acquisitions Inc. has acquired Landstown Commons Shopping Center in Virginia Beach for $91 million.
The 409,474-square-foot shopping center was more than 94 percent leased to 63 tenants, including Best Buy, Ross Dress for Less and Petsmart. The property was acquired on behalf of Inland Diversified Real Estate Trust Inc.
The shopping center includes a 32,890-square-foot second-floor office component that is about 90 percent leased to two medical users. Additional retail tenants at Landstown include Bed, Bath & Beyond, AC Moore, Office Max, Books-A-Million and Walgreens. The property is shadow-anchored by Kohl’s department store, which was not purchased.
The purchase was Inland Diversified’s 33rd property, and its largest acquisition to date, according to a company statement. Its assets now exceed $500,000 million. The CB Richard Ellis Florida and Washington, D.C. national retail investment groups represented the seller in the transaction.