Midtowne Shopping Center Sells for $41M

by Lance Turner  on Tuesday, May. 20, 2014 1:47 pm  

Midtowne Shopping Center in Little Rock. (Photo by Stephanie Dunn)

An Illinois company is expanding its holdings along a major shopping corridor in Little Rock.

Inland Real Estate Income Trust Inc. of Oakbrook, Ill., said Tuesday that it has purchased the 126,288-SF Midtowne Shopping Center in Little Rock. 

Inland paid $41.45 million for the shopping center, which opened in 2006 and was developed by Strode Property Co. of Dallas.

Real estate records show IMI MTLR LLC as Midtowne's most recent owner. IMI is a co-investment venture led by an affiliate of Miller Capital Advisory Inc. of Skokie, Ill., and CalPers, the county's largest public pension fund.

In a news release, Inland said Midtowne is 95.6 percent occupied. It has 22 tenants, including The Container Store, Pottery Barn, Ulta and Williams-Sonoma.

Midtown Shopping Center is located near the northeast corner of University Avenue and Markham Street. It sits near Park Avenue Shopping Center, another property developed by Strode, which opened in 2012 and includes retail, restaurants and luxury condominiums.

Inland bought six pieces of Park Avenue in February for $23.3 million. Its 12.4-acre holding is home to 70,200 SF of retail space and a two-story parking deck. 

Inland Real Estate Income Trust acquires, directly or through joint ventures, commercial real estate throughout the country, focusing primarily on multi-tenant retail.



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