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Inland Diversified Real Estate Trust, Inc. (“Inland Diversified”) announced today the acquisition of the newly constructed Wheatland Town Center, a 206,223-square-foot shopping center located in Dallas, for approximately $39.3 million. Tenants at the center include Ross Dress for Less, PetSmart and Office Depot, and the property is shadow-anchored by a Target store, which was not acquired. Matt Tice, vice president of Inland Real Estate Acquisitions, Inc., facilitated the transaction on behalf of Inland Diversified.
Wheatland Town Center, Dallas, Texas (Photo: Business Wire)
“This is a very busy Target-anchored center with a strong mix of national retailers,” Tice said. “This property was completed in 2012, and provides a new shopping destination in an area that has been underserved with retail options until now.”
Additional tenants at Wheatland Town Center include Party City, Dollar Tree, Shoe Carnival, Rue21, Five Below, Citi Trends, The Children’s Place and Radio Shack.
“This property is located in Dallas, Texas, one of the strongest retail markets in the country,” commented Barry Lazarus, president and chief operating officer of Inland Diversified. “We like shopping centers that are strategically located next to Target stores, because they typically generate increased traffic flow for all other tenants.”
About Inland Diversified Real Estate Trust, Inc.
Inland Diversified Real Estate Trust, Inc. is a public, non-listed real estate investment trust focused on acquiring a diversified portfolio of commercial real estate assets in various property categories, including: grocery-anchored shopping centers, necessity-based retail assets, single-tenant office and multi-family assets. As of June 30, 2012, the company owned approximately 7.2 million square feet of commercial real estate, as well as 420 multi-family units, in 24 states, with a portfolio of approximately $1.5 billion in assets. For additional information, please refer to www.inlanddiversified.com.
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