OAK BROOK, Ill., Feb. 10, 2003 (PRIMEZONE) -- Inland Retail Real Estate Trust, Inc. has acquired a drug store portfolio in the northeastern U.S. for more than $59 million. The portfolio is made up of 19 almost new, free standing, drive-thru Eckerd Drug Stores in Pennsylvania, New York and West Virginia. The aggregate net rentable square footage of this transaction is 210,906 square feet. All properties in this transaction have long-term triple net leases.
Inland Retail purchased these properties from Walnut Capital Partners. Joe Cosenza, chairman, Inland Real Estate Acquisitions, Inc., negotiated on behalf of Inland Retail. Attorney Gary Pechter and Cosenza represented Inland Retail at closing. Walnut Capital was represented in the transaction by Todd Reidbord, president, Walnut Capital Management, Inc.
"Eckerd is a leader in the drug store industry and these specific properties are all free standing stores offering drive-thru service and incorporating Eckerd's newest designs," said Cosenza. "This is the type of transaction I would do over and over again."
Inland Retail Real Estate Trust, Inc. is sponsored by Inland Real Estate Investment Corporation, which is part of The Inland Real Estate Group of Companies (www.inlandgroup.com). The Inland Real Estate Group of Companies is comprised of independent real estate investment and financial companies doing business nationwide. With 35 years experience specializing in investment, commercial real estate brokerage, land development, acquisition, and mortgage lending, Inland is one of the nation's largest privately-held real estate companies. Inland's national headquarters are located in Oak Brook, Illinois. Inland Retail owns more than 130 retail properties comprising more than 15 million square feet of retail space east of the Mississippi River.
The properties are located: New York Millersport Highway - Amherst, NY Broadway and Bailey - Buffalo, NY Genesee and Pine Ridge - Cheektowaga, NY Central and Millard Fillmore - Dunkirk, NY Pennsylvania Old Freeport Road and Pillow - Cheswick, PA Route 19 and York - Connellsville, PA 26th and Parade - Erie, PA 6th and Parade - Erie, PA 12th and Pittsburgh - Erie, PA 26th and Sterrettania - Millcreek, PA Peach and Zimmerly - Millcreek, PA Eastway Plaza - Harborcreek, PA Route 22 and Center - Monroeville, PA Monroeville and Jamison - Monroeville, PA Washington and Jefferson - Newcastle, PA Route 130 and Pleasant Valley - Penn, PA Route 51 and Route 88 - Pittsburgh, PA Route 286 and Old Frankstown - Plum, PA West Virginia Route 22 and Cove - Weirton, WV