California Real Estate News: Blossom Valley Plaza Shopping Center Purchased by Inland Real Estate Income Trust Inc.
Inland Real Estate Income Trust, Inc. has expanded its portfolio with the purchase of Blossom Valley Plaza Shopping Center in Turlock, California, located approximately 15 miles southeast of Modesto, California.
The acquisition of the 111,558-square-foot shopping center was facilitated by Matthew Tice, vice president of Inland Real Estate Acquisitions, Inc., in behalf of Inland Income Trust. The acquisition of Blossom Valley Shopping Center by Inland Real Estate Income Trust, Inc. was announced through a press release in Business Wire.
"The acquisition of Blossom Valley Plaza shopping center was an ideal opportunity to add a stable, necessity-based asset to Inland Income Trust's growing retail portfolio," said President and Chief Executive Officer of Inland Real Estate Investment Corporation, Mitchell Sabshon, in the press release. "With its solid tenant line-up and strong demographics, drawing nearly 22,000 vehicles per day, this grocery-anchored center aligns with Inland Income Trust's strategy to acquire high quality multi-tenant retail assets."
Built in 1988, the Blossom Valley Plaza Shopping Center is located at 2900 Geer Road. The shopping center has been providing the approximately 89,000 residents living within a five-mile radius as well as the students of the California State University, Stanislaus campus, access to a 60,114-square-foot Raley's grocery store as well as other necessity-based services.
At present, Blossom Valley Plaza shopping center is 100 percent leased to a roster of national and regional tenants. The shopping center's tenants include Wells Fargo, Supercuts, Subway, Papa John's, GameStop, Jay's Tires, and Raley's grocery store.
According to Market Watch, Inland Real Estate Income Trust, Inc. was formed to acquire, directly or indirectly, a portfolio of commercial real estate located throughout the United States, as well as is focused on acquiring primarily core multi-tenant retail assets. Inland Real Estate Income Trust, Inc. is sponsored by the Inland Real Estate Investment Corporation. For more information, visit Inland Real Estate Investment Corporation.