OAK BROOK, Ill.--(BUSINESS WIRE)--Inland Real Estate Income Trust, Inc. (Inland http://realestate.oregonlive.com/ Income Trust) announced today the acquisition of Settlers Ridge in Pittsburgh, Pennsylvania and Milford Marketplace in Milford, Connecticut, adding a total of nearly 600,000 square feet to the companys portfolio. Matthew Tice, vice president of Inland Real Estate Acquisitions, Inc., facilitated the purchases of the properties on behalf http://realestate.nj.com/ of Inland Income Trust.
The acquisition of Settlers Ridge and Milford Marketplace was a phenomenal opportunity to add two strong, necessity-based assets to Inland Income Trusts growing websites retail portfolio, said Mitchell Sabshon, president and chief executive officer of Inland Real Estate Investment Corporation. With their solid national tenant line-ups and strong demographics, these grocery-anchored centers match perfectly with Inland Income Trusts strategy to acquire high quality multi-tenant retail assets.
Located at 200 Chestnut Ridge Drive in Pittsburgh, Settlers Ridge was constructed from 2008 through 2011. The 472,572-square-foot property is anchored by Market District, a gourmet grocery and dining concept by Giant Eagle, Inc. Settlers Ridge is 98.5 percent occupied as of the acquisition date with more than 40 tenants, including Cinemark, LA Fitness, Barnes & Noble, Michaels, Ulta Beauty, Panera Bread, P.F. Changs China Bistro and Cadillac Ranch.
Milford Marketplace, located at 1650 Boston Post Road in Milford, was constructed in 2007 and is anchored by Whole Foods. Other tenants in the 112,257-square-foot property include Banana Republic, Chicos, Peoples United Bank, J. Jill and Justice.
About Inland Real Estate Income Trust, Inc.
Inland Real Estate Income Trust, Inc. was formed to acquire, directly or indirectly, a portfolio of commercial real estate located throughout the United States. Inland Real Estate Income Trust, Inc. is focused on acquiring primarily core multi-tenant retail assets. Inland Real Estate Income Trust, Inc. is sponsored by Inland Real Estate Investment Corporation. For more information, please visit www.inland-investments.com.