Inland Diversified Real Estate Trust, Inc. “Inland Diversified” announced today the acquisition of six grocery properties in two separate portfolio acquisitions, with a total combined purchase price of about $71.4 million.
The acquisitions include three grocery stores in Missouri that are fully leased to Schnuck Markets, Inc., purchased for approximately $22.6 million in a sale-leaseback transaction. Additionally, three Pathmark grocery stores located in Delaware, Pennsylvania and New York were acquired for approximately $48.8 million. The location of the Pathmark was not disclosed. The company has four stores in Delaware.
Matt Tice, vice president of Inland Real Estate Acquisitions, Inc., facilitated the transactions on behalf of Inland Diversified.“With long-term triple net leases in place, we believe that these assets will offer steady returns that will support our dividend and align with our investment philosophy.”“
Schnucks and Pathmark are large grocers in their respective markets and what we believe to be very strong tenants, Tice said.
There are 18 years remaining on the leases for the Pathmark, again with multiple renewal options.
The Great Atlantic & Pacific Tea Co., is the guarantor for its leases. The company operates more than 300 grocery stores nationwide under multiple banners and has ranked as one of the 50 largest retailers in the U.S.
