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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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