Marketplace at Tech Center, a newly constructed 210,000-square-foot grocery-anchored power center in Newport News, Virginia, has been acquired by Inland Real Estate Income Trust, Inc.
"Marketplace at Tech Center is a terrific addition to Inland Income Trust's retail portfolio because of its exceptional variety of high-caliber grocery, restaurant, clothing and retail offerings," said Mitchell Sabshon, president and chief executive officer of Inland Real Estate Investment Corporation. "With its diverse tenant mix, strong demographics and ideal location near major employers, including the Thomas Jefferson National Accelerator Facility, Marketplace at Tech Center is a dominant retail property in the market and is well positioned for future growth."
According to the press release on Inland Real Estate Income Trust, Inc. in Business Wire, Marketplace at Tech Center was constructed in 2015 and is located at 12080 Jefferson Avenue. In addition to the 39,998-square-foot Whole Foods grocery store, the shopping center also features tenants such as Steinmart, DSW, Ulta Beauty, Five Below, BJ's Brewhouse, Mattress Firm, AT&T and Massage Envy. The Marketplace is expected to cater to the needs of 172,000 residents living within a five-mile radius.
The acquisition of the Marketplace at Tech Center was facilitated by Mark Cosenza, vice president of Inland Real Estate Acquisitions, Inc. on behalf of the Inland Income Trust.
Inland Real Estate Income Trust, Inc. is part of the Inland Real Estate Group of Companies, Inc., a fully-integrated group of legally and financially independent companies, engaged in the diverse facets of real estate such as property management, leasing, marketing, acquisition, disposition, development, redevelopment, renovation, construction, finance and other related services, that is being owned and managed by subsidiaries of the Inland Real Estate Investment Corporation. The company was formed to acquire, directly or indirectly, a portfolio of commercial real estate located throughout the United States and has primary focus on the acquisition of core multi-tenant retail assets.
