Shopping Center Marks Company’s Portfolio Expansion into California
Oak Brook, Ill. – Inland Real Estate Income Trust, Inc. (“Inland Income Trust”) announced today the acquisition of the 224,683-square-foot Marketplace at El Paseo in Fresno, California. Matthew Tice, vice president of Inland Real Estate Acquisitions, Inc., facilitated the purchase of the property on behalf of Inland Income Trust.
“We are pleased to expand the reach of Inland Income Trust’s portfolio and the company’s geographic footprint to California with the purchase of Marketplace at El Paseo,” said Mitchell Sabshon, president and chief executive officer of Inland Real Estate Investment Corporation. “This acquisition was an ideal match for Inland Income Trust’s strategy to acquire high quality multi-tenant retail assets.”
Marketplace at El Paseo is located at 6549 North Riverside Drive, at the southeast quadrant of the 99 Freeway and Herndon Avenue in Fresno, and was constructed in 2014. The center is well-situated in a high-traffic residential and retail corridor, drawing more than 122,000 consumers within a five-mile radius.
Marketplace at El Paseo is 96 percent leased, as of the acquisition date, to a roster of national tenants, including Burlington Coat Factory, Marshalls, Ross Dress for Less, Old Navy, Petco, Ulta Beauty and Famous Footwear. The property is shadow-anchored by Target, which was not acquired.
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. For more information, please visit www.inland-investments.com.