OAK BROOK, Ill.--(BUSINESS WIRE)--Inland Real Estate Acquisitions, Inc. announced today the acquisition of New more Town Village Center, a 117,593-square-foot shopping center in Owing Mills, Maryland, for approximately $31.75 million. Joe Cosenza, vice chairman of The Inland Real Estate Group, Inc. and president of Inland Real Estate Acquisitions, facilitated the transaction on behalf of the buyer, an affiliate of Inland Institutional Capital Partners Corporation.
Located at 9700-9780 Groffs Mill Drive, the property was built in 1996 and is anchored by a Giant grocery store, the number one ranked grocer in the Baltimore-Washington, D.C. area. The centers location in Owing Mills serves a prominent residential and employment area, drawing more than 56,000 people from major area employers including ADP, Baltimore Life, Toyota Financial Services and CareFirst Blue Cross Blue Shield.
I am very pleased to have closed on the purchase of this necessity-based shopping center that offers the perfect blend of retailers, grocery, restaurants, fitness and banking, Cosenza said. New Town Village Centers ideal location draws 147,000 people within a five mile radius, and its position directly across the street from New Town Elementary and High School provides consumers the ability to stop and shop before and after dropping off their children at school.
New Town Village Center is 98 percent leased, as of the acquisition date, to a roster of national and regional tenants. In addition to the Giant grocery store, tenants include Merritt Athletic Club, M&T Bank, Grannys Restaurant and Starbucks.
About Inland Real Estate Acquisitions, Inc.
Inland Real Estate Acquisitions, Inc. is the purchasing arm for various entities that are a part of The Inland Real Estate Group of Companies, Inc., a group of independent legal entities, some of which may be affiliates, share some common ownership or have been sponsored or managed by Inland Real Estate Investment Corporation or its subsidiaries (collectively, Inland). For additional information, please refer to Inlands website at www.inlandgroup.com.