Inland Western Retail Real Estate Trust has added two shopping centers to its collection in the state of Florida, one in Miami and one in Orlando.
The total value of the transactions was $27 million.
The first of the two developments is a newly constructed, 97,458-square-foot neighborhood shopping center in Miami called Bed Bath & Beyond Plaza. The Plaza is located between two major regional malls, the 1.1 million-square-foot Miami International Mall and the 1.4 million-square-foot Dolphin Mall.
In addition to Bed Bath & Beyond, the center includes Starbucks, Office Depot, Pier 1, Fuddruckers and a variety of other national and local tenants. Inland Western purchased the Plaza for $20.35 million.
The seller was Inland Western Miami 19th Street LLC.
The second shopping center, Lake Mary Pointe, is a 51,052-square-foot neighborhood shopping center in the Lake Mary suburb of Orlando. Bought for $6.65 million, the center includes a 37,866-square-foot Publix grocery store, GNC, Hair Cuttery and Subway, as well as several other tenants. Lake Mary Pointe was built in 1999.
Oak Brook, Ill.-based Inland Western is part of The Inland Real Estate Group of Cos. Inc., a national real estate conglomerate.
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