Oak Brook, Ill. – Inland Real Estate Income Trust, Inc. (“Inland Income Trust”) announced today the acquisition of the approximately 210,000-square-foot Marketplace at Tech Center, a newly constructed grocery-anchored power center, in Newport News, Virginia. Mark Cosenza, vice president of Inland Real Estate Acquisitions, Inc., facilitated the purchase of the property on behalf of Inland Income Trust.
“Marketplace at Tech Center is a terrific addition to Inland Income Trust’s retail portfolio because of its exceptional variety of high-caliber grocery, restaurant, clothing and retail offerings,” said Mitchell Sabshon, president and chief executive officer of Inland Real Estate Investment Corporation. “With its diverse tenant mix, strong demographics and ideal location near major employers, including the Thomas Jefferson National Accelerator Facility, Marketplace at Tech Center is a dominant retail property in the market and is well positioned for future growth.”
Newly constructed in 2015, Marketplace at Tech Center is located at 12080 Jefferson Avenue. The shopping center offers the approximately 172,000 residents living within a five-mile radius access to a 39,998-square-foot Whole Foods grocery store.
In addition to Whole Foods, Marketplace at Tech Center tenants include Steinmart, DSW, Ulta Beauty, Five Below, BJ’s Brewhouse, Mattress Firm, AT&T and Massage Envy.
About Inland Private Capital Corporation
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.
This press release contains "forward-looking statements" made under the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Such statements reflect the current view of Inland Income Trust and Inland Real Estate Investment Corporation with respect to future events and are subject to certain risks, uncertainties and assumptions related to certain factors including, without limitation, general economic conditions, unforeseen events affecting the real estate industry or particular markets, and other factors detailed under Risk Factors in Inland Income Trust’s most recent Form 10-K and subsequent Form 10-Qs on file with the Securities and Exchange Commission. You should exercise caution when considering forward-looking statements and not place undue reliance on them. Based upon changing conditions, should any one or more of these risks or uncertainties materialize, or should any underlying assumptions prove incorrect, actual results may vary materially from those described herein. Except as required by federal securities laws, Inland Income Trust undertakes no obligation to publicly update or revise any written or oral forward-looking statements, whether as a result of new information, future events, changed circumstances or any other reason after the date of this press release.