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Joint venture buys Harbor Square Plaza in Charlotte

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  • | 6:54 p.m. October 1, 2010
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  • Commercial Real Estate
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BUYER: Harbor Square Venture DST (Harbor Square Exchange Venture LLC and The Corp. Trust Co.), Oak Brook, Ill.

SELLER: Harbor Square Plaza LLC

PROPERTY: 19530 Toledo Blade Blvd. and 19600 Cochran Blvd., Port Charlotte

PRICE: $11.25 million

PREVIOUS PRICE: $8.77 million, June 2007

LAW FIRM ON DEED: Hartman Simons & Wood LLC, Atlanta

PLANS, DESCRIPTION: Inland Real Estate Corp. and Inland Real Estate Exchange Corp. purchased the 116,430-square-foot Harbor Square Plaza retail center for $11.25 million.

The price equated to $97 per square foot.

The center houses two tenants and is fully leased. It features a Kohl's department store and a 20,087-square-foot PetSmart. The Kohl's lease runs until 2028 and PetSmart's lease lasts until 2018.

The buyers funded the acquisition with a draw on a line of credit and cash. Under the terms of the joint venture, Oak Brook, Ill.-based Inland Real Estate will earn acquisition and property management fees from the property.

Inland Real Estate is a publicly traded real estate investment trust that owns an interest in 143 shopping centers and single tenant properties, located primarily in the Midwest. The company's properties have a total aggregate leasable space of more than 14 million square feet.

Inland Real Estate Exchange, part of the Inland Real Estate Group, features properties for 1031 tax differed exchanges.


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