Inland Real Estate Income Trust (IREIT) is evaluating the purchase of a fee simple interest in the North Hills Square Shopping Center in Coral Springs, FL, a 63,829 square foot retail center consisting of two single tenant buildings and one multi-tenant building.
An affiliate of IREIT has entered into an agreement to acquire a fee simple interest in the property from AM Coral Springs, LLC for $11.05 million in cash, plus closing costs.
The shopping center is anchored by a Wal-Mart Neighborhood Market, which includes a grocery component. The property is 98.1% occupied.
In April 2011, bizjournals.com reported that Dizengoff-Trading Group paid $8.9 million, or $139.28 a square foot, for the North Hills Square shopping center in Coral Springs.
North Hills Shopping Center is located on University Drive, a major thoroughfare in the area, about 15 miles southwest of Boca Raton and 24 miles northwest of Fort Lauderdale.
The property is leased to seven tenants with a weighted-average remaining lease term of seven years. Wal-Mart leases 52,024 square feet, or approximately 81.5% of the total gross leasable area of the property, and pays annual base rent of approximately $520,240, or approximately 68.1% of the total annual base rent of the property.
Wal-Mart’s lease expires in January 2022, and there are ten five – year renewal options. The other tenants leasing at least 2,000 square feet are Wendy’s and Manhattan Bagel.
Inland says it does not intend to make significant renovations or improvements to the property. It also reports that there are 13 competitive shopping centers located within approximately three miles of the property.