Regions Central Virginia

Lynchburg shopping center sells for $19.8 million

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Illinois-based Inland Real Estate Income Trust Inc. has purchased the 66,906-square-foot Lakeside Crossing Shopping Center in Lynchburg for $19.8 million.

Built in 2013, the grocery-anchored property is located between three of the area’s major thoroughfares at Old Forest Road, Whitehall Road and Lakeside Drive.

The anchor tenant is a 20,900-square-foot Fresh Market grocery store.  According to Inland, the center is 98.5 percent leased to 14 tenants. In addition to Fresh Market, tenants include Mattress Warehouse, Panera, U.S. Cellular, Massage Envy and Zoe’s Kitchen, among others.

Lou Quilici, senior vice president of IREIT Business Manager & Advisor Inc., a wholly owned subsidiary of Inland Real Estate Investment Corp., assisted Mark Cosenza, vice president of Inland Real Estate Acquisitions Inc., in the purchase of the property.

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