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OAK BROOK, Ill. — Inland REIT Inc. has signed an agreement to purchase a 15-property portfolio of retail centers located in eight states. The portfolio, which totals 2 million square feet, was purchased from Kite Realty Group Trust for $318 million. The transaction is expected to close in two tranches on or before Dec. 15, 2014 and March 16, 2015.

The properties are a combination of grocery and power centers which collectively are 96 percent leased to 174 tenants. Inland Real Estate Acquisitions Inc. assisted Inland Income Trust with identifying the portfolio and negotiating the purchase of the properties. The portfolio was purchased at the same effective cap rate as the 60-property portfolio of Inland Diversified that was acquired by Kite Realty in a merger with Inland Diversified earlier this year.

The following properties will be included in the transaction:

• Eastside Junction, Athens, Alabama
• Harvest Square, Harvest, Alabama?
• Prattville Town Center, Prattville, Alabama?
• Fairgrounds Crossing, Hot Springs, Arkansas
• Heritage Square, Conyers, Georgia?
• Regal Court, Shreveport, Louisiana?
• The Shoppes at Branson Hills, Branson, Missouri?
• Branson Hills Plaza, Branson, Missouri?
• Shoppes at Hawk Ridge, Lake St. Louis, Missouri?
• Whispering Ridge, Omaha, Nebraska?
• Landing Ocean Isle Beach, Ocean Isle, North Carolina?
• Walgreens Plaza, Jacksonville, North Carolina?
• Copps Grocery Store, Stevens Point, Wisconsin?
• Fox Point, Neenah, Wisconsin?
• Shoppes at Prairie Ridge, Pleasant Prairie, Wisconsin

Inland REIT was formed to acquire, directly or through joint ventures, a portfolio of commercial real estate located throughout the United States. Inland REIT is focused on acquiring multi-tenant retail assets. The company is sponsored by Inland Real Estate Investment Corp.

— Haisten Willis

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