WORLD PROPERTY CHANNEL ®

Pleasant Hill Commons shop center, Kissimmee, FL

(KISSIMMEE, FL) -- Inland Diversified Real Estate Trust, Inc., part of the Inland Real Estate Group of Companies, Inc. based in Oak Brook, IL, has acquired the two-year-old, 70,642-square-foot Pleasant Hill Commons shopping center in Kissimmee, Fla.

The $12.4 million sale price equates to $175.53 per square foot. The property was 100 percent leased at closing.

The acquisition was the second for Inland Diversified. The Lou Quilici of Inland Real Estate Acquisitions, Inc. handled the transaction.

Barry Lazarus

"This center is anchored by Publix, the region's number one grocer, providing a strong draw to the smaller tenants in the shopping center," comments Barry Lazarus, president and chief operating officer of Inland Diversified.

In a prepared statement, Lazarus says, "Grocery-anchored retail centers perform consistently across all economic cycles, and Pleasant Hill Commons is well positioned to provide strong returns to our company and stockholders."

Constructed in 2008, the shopping center's other tenants include Bonworth, Century 21, TrustCo Bank, Subway, Pizza Hut and Fantastic Sam's.

It is located adjacent to a senior community, Good Samaritan Village, which is occupied by over 1,000 residents.

Lou Quilici

"Many Good Samaritan Village residents use golf carts for transportation, and Pleasant Hill Commons offers easy golf cart access," Lazarus says. "It's a great amenity that serves as a real draw for the shopping center's customers."

Inland Diversified is a public, non-listed real estate investment trust (REIT) that focuses on the acquisition and development of a diversified portfolio of commercial real estate assets.

 

---