OAK BROOK, Ill.--(BUSINESS WIRE)-- Inland Diversified Real Estate Trust, Inc. (“Inland Diversified”) announced today the acquisition of six triple net leased grocery properties in two separate portfolio acquisitions, with a total combined purchase price of approximately $71.4 million. The acquisitions include three grocery stores in Missouri that are fully leased to Schnuck Markets, Inc., purchased for approximately $22.6 million in a sale-leaseback transaction. Additionally, three Pathmark grocery stores located in Delaware, Pennsylvania and New York were acquired for approximately $48.8 million. Matt Tice, vice president of Inland Real Estate Acquisitions, Inc., facilitated the transactions on behalf of Inland Diversified.
The Pathmark grocery store in Seaford, NY (Photo: Business Wire)
“Both Schnucks and Pathmark are leading grocers in their respective markets and what we believe to be very strong tenants,” Tice said. “These are all existing stores in proven locations, generating high sales-per-square-foot. The Schnucks stores are operating on new 15-year leases with multiple renewal options. There are 18 years remaining on the leases for the Pathmark, again with multiple renewal options.”
Schnuck Markets, Inc. operates 99 stores and 95 in-store pharmacies in Missouri, Indiana, Illinois, Wisconsin and Iowa, and is one of the leading family-owned grocery chains in the U.S. Pathmark’s parent company, The Great Atlantic & Pacific Tea Co., is the guarantor for its leases. The company operates more than 300 grocery stores nationwide under multiple banners and has ranked as one of the 50 largest retailers in the U.S.
“These acquisitions further strengthen our portfolio of necessity-based grocery properties, which as an asset class have traditionally performed very well across all economic cycles,” commented Barry Lazarus, president and chief operating officer of Inland Diversified. “With long-term triple net leases in place, we believe that these assets will offer steady returns that will support our dividend and align with our investment philosophy.”
About Inland Diversified Real Estate Trust, Inc.
Inland Diversified Real Estate Trust, Inc. is a public, non-listed real estate investment trust focused on acquiring a diversified portfolio of commercial real estate assets in various property categories, including: grocery-anchored shopping centers, necessity-based retail assets, single-tenant office and multi-family assets. As of June 30, 2012, the company owned approximately 7.2 million square feet of commercial real estate, as well as 420 multi-family units, in 24 states, with a portfolio of approximately $1.5 billion in assets. For additional information, please refer to www.inlanddiversified.com.
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Source: Inland Diversified Real Estate Trust, Inc.