Inland Real Estate Acquisitions Inc. announced this month that it had purchased a five property portfolio of retail buildings from NewQuest Properties on behalf of Inland American Real Estate Trust, Inc. Inland acquired the portfolio for $172 million with financing provided by Prudential Mortgage Capital Company.

"This portfolio is a natural complement to our current properties in the region," said Jeff Manno, vice president of asset management for Inland American HOLDCO. "These necessity-based shopping centers are the type of core real estate assets that fit our retail investment strategy. We believe this transaction will enhance our portfolio and be accretive to our earnings."

The properties cover over 710,000 square feet of retail space with an average occupancy rate of over 90%. Major tenants at the time of sale include Kohl's, Kroger, Lowe's, Sports Authority, 24 Hour Fitness, Best Buy, Cinemark and Dollar Tree.

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