By Inland Real Estate Income Trust, Inc. announced today the acquisition of the 159,258-square-foot Wedgewood Commons Shopping Center in Olive Branch, Miss., a southeastern suburb of Memphis, Tenn., for a purchase price of $33.9 million. Lou Quilici, senior vice president of IREIT Business Manager & Advisor, Inc., responsible for all Inland Real Estate Income Trust, Inc. acquisitions, assisted Matthew Tice, vice president of Inland Real Estate Acquisitions, Inc., in the purchase of the property.
Wedgewood Commons Shopping Center (Photo: Business Wire)
The property consists of four buildings and an existing structure suitable for the development of an additional 10,838 square feet of leasable space, increasing the center's retail space to over 170,000 square feet.
Wedgewood Commons is 100 percent leased and tenants include TJ Maxx, HomeGoods, Michaels, Rack Room Shoes, AT&T, TCBY, GNC and Sport Clips. The property is shadow-anchored by a Target "P Fresh" store, Target's new and successful grocery-focused store format, which was not acquired.
About Inland Real Estate Income Trust, Inc.
Inland Real Estate Income Trust, Inc. was formed to acquire, directly or through joint ventures, a portfolio of commercial real estate located throughout the United States. Inland Real Estate Income Trust, Inc. intends to focus primarily on core multi-tenant retail assets. Inland Real Estate Income Trust, Inc. is sponsored by Inland Real Estate Investment Corporation.
About IREIT Business Manager & Advisor, Inc.
IREIT Business Manager & Advisor, Inc., an Illinois corporation and a wholly owned subsidiary of Inland Real Estate Investment Corporation, is the business manager of Inland Real Estate Income Trust, Inc. In addition to its other duties for Inland Real Estate Income Trust, IREIT Business Manager & Advisor focuses on identifying and acquiring real estate assets for Inland Real Estate Income Trust.
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Inland Marketing & Communications, Inc.
Alyssa Templeton, (630)
218-2887
alyssa.templeton@inlandgroup.com
