Inland Real Estate Corp. (IRC: Quote) said Monday it has contributed $15 million to its joint venture with Inland Private Capital Corp. to acquire for $40.8 million two portfolios that include seven single-tenant retail properties.
The company said the joint venture acquired a portfolio of two free-standing stores net leased to CVS Pharmacy and one asset that is net leased to Walgreens, for a purchase price of $17.1 million. The venture also acquired for $23.7 million a second portfolio which includes one asset that is net leased to CVS, plus three properties that are net leased to Walgreens.
Simultaneous with the closing, the joint venture placed loans totaling $25.8 million on the portfolios, the company said.
by RTT Staff Writer
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