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July 29, 2010 |
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| March 09, 2010 |
By: Eric Kalis |
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hree South Florida shopping centers have been purchased for about $57 million by Inland Real Estate Acquisitions.
Inland, an affiliate of Inland American Real Estate Trust, bought Boynton Commons in Boynton Beach, Paradise Place in West Palm Beach and Universal Plaza in Lauderhill for $56.91 million, according to public records. The acquisitions closed on March 4.
Inland American is a public nontraded real estate investment trust.
The South Florida centers are part of a 16-property portfolio Inland bought for $424 million from a joint venture between TIAA-CREF and Developers Diversified Realty, Inland vice president Mark Cosenza said in a written statement announcing the transaction.
Inland paid about $35 million for the 206,269-square-foot Boynton Commons at 333 N. Congress Ave., about $12.15 million for the 74,495-square-foot Paradise Place at 4075 N. Haverhill Road and nearly $10 million for the 51,558-square-foot Universal Plaza at 5611 N. University Drive.
Calls to Inland’s Oak Brook, Ill., headquarters were not immediately returned.
David Weiss, senior vice president and general counsel with Developers Diversified Realty, did not immediately return a call for comment.
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