Inland Buys Shopping Centers in Missouri, Tennessee for $74M
By Scott Baltic, Contributing Editor
Inland Real Estate Acquisitions Inc. of Oak Brook, Ill., has acquired two shopping centers, in Branson, Mo., and metro Knoxville, Tenn., for a combined total of about $74 million. The purchase was made on behalf of Inland Diversified Real Estate Trust Inc. The 348,700-square-foot Shoppes at Branson Hills was purchased for about $38.5 million, while Hamilton Crossing, a 175,500-square-foot shopping center in Alcoa, Tenn., was purchased for about $35.5 million.
Major Shoppes at Branson Hills tenants include Home Depot, Petco and Bed Bath & Beyond. The property is shadow-anchored by Target and Super Wal-Mart, which were not purchased. A Sam’s Club is scheduled to be built at the center in 2013, adding an additional shadow anchor. Matt Tice, vice president of Inland Real Estate Acquisitions, facilitated the purchase. Hamilton Crossing’s major tenants include Dick’s Sporting Goods, Ross Dress for Less, PetSmart, Old Navy, Rue 21 and Michaels. Lou Quilici, senior vice president of Inland Real Estate Acquisitions, facilitated the purchase.
Hamilton Crossing was 100 percent leased at closing. The full tenant roster, the line-up of national stores and the property’s proximity to the University of Tennessee in Knoxville, Quilici said, make Hamilton Crossing “well positioned for future growth.”
“In addition to the existing property,” Quilici said, “we have an agreement with the seller to purchase an additional 4,400-square-foot outlot building currently under development, once the additional property has been fully leased.”
Based on the latest available sales tax information, Shoppes at Branson Hills had total sales of $156.7 million in the 12 months ending November 2011, Garrett Anderson, Branson’s economic development director, told Commercial Property News. The comparable sales for one and two years prior were $153.6 million and $139.4 million, respectively.
Anderson also noted that the center, which opened in phases from 2007 to 2009, has at least six undeveloped outlots totaling about 20 acres, separate from the site for the planned Sam’s Club.
An EF-2 tornado touched down in Branson early in the morning of Feb. 29. No fatalities occurred in the Branson area, and according to the latest update from the Branson/Lakes Area Convention and Visitors Bureau, recovery is progressing quickly.
Only two of Branson’s more than 50 theatres had to delay their show schedules more than a week. Twenty-two of the more than 200 hotels in Branson sustained storm damage, but the twister reportedly has not substantially affected Branson’s lodging capacity.