Inland Real Estate Income Trust Acquires N.H. Shopping Center
April 21, 2017 | by James Sprow | Blue Vault
Inland Real Estate Income Trust, Inc. announced on April 19, the acquisition of the 199,335 square-foot Pentucket Shopping Center in Plaistow, New Hampshire, located approximately one mile north of the Massachusetts state border and approximately 40 miles north of Boston. Mark Cosenza, senior vice president of Inland Real Estate Acquisitions, Inc., facilitated the purchase of the property on behalf of Inland Income Trust.
Originally constructed in 1986 and remodeled in 2004, Pentucket Shopping Center is located at 58 Plaistow Road.
“Pentucket Shopping Center is a terrific addition to Inland Income Trust’s retail portfolio because of its exceptional location and variety of high quality, necessity based retail offerings, including a Walmart Supercenter shadow anchor,” said Mitchell Sabshon, president and chief executive officer of Inland Real Estate Investment Corporation. “Serving as the area’s primary retail destination and ideally positioned in New Hampshire near the border of Massachusetts, Pentucket Shopping Center draws approximately 584,000 consumers within a 15-mile radius and provides the benefit of no sales tax in New Hampshire.”
Pentucket Shopping Center was 98 percent leased as of the acquisition date. Tenants at the center include The Home Depot, Staples, Bed Bath & Beyond, Hallmark, Sally Beauty Supply, Sport Clips and Santander Bank.
Inland Real Estate Income Trust, Inc. was formed to acquire, directly or indirectly, a portfolio of commercial real estate located throughout the United States. Inland Real Estate Income Trust, Inc. is focused on acquiring primarily core multitenant retail assets. Inland Real Estate Income Trust, Inc. is sponsored by Inland Real Estate Investment Corporation.
As of December 31, 2016, the REIT owned 56 properties in 23 states with 6.3 million square feet and 703 tenants. Economic occupancy was at 94.6 percent.
For more information, please visit www.inlandinvestments.com
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