PRESS ROOMNEWS RELEASE
Inland Real Estate Acquisitions Purchases $1.3 Billion of Commercial Real Estate in 2020
Nicole SpreckInland Communications
Oak Brook, Ill. – Inland Real Estate Acquisitions, LLC (“Inland Acquisitions”), the purchasing arm of The Inland Real Estate Group of Companies, Inc. (“Inland”), announced today that it negotiated and closed $1.3 billion of commercial real estate in 2020 in the multifamily, self-storage and the industrial sectors. Inland Acquisitions facilitated the purchases on behalf of Inland affiliates.
“While COVID-19 encompassed much of 2020, Inland Acquisitions maximized its size, scale and relationships to execute our strategic acquisitions goals,” commented Joe Cosenza, vice chairman of The Inland Real Estate Group, LLC and president of Inland Real Estate Acquisitions, LLC. “In the last four months alone, Inland Acquisitions purchased more than three quarters of a billion dollars in well located, high quality assets in sectors that have been strong performers since the onset of the pandemic.”
During 2020, the Inland Acquisitions team collectively purchased 35 properties across 12 states.
Joe Cosenza facilitated the purchase of one of the only ocean-front rental buildings in New York, recently renamed 10 West Apartments. The 11-story multifamily property located in Long Beach was 99 percent occupied at closing.
Matt Tice, senior vice president of Inland Acquisitions, facilitated the purchase of a recently built 151,600- square-foot industrial building fully occupied by Amazon.com and ideally located in a newly constructed industrial park in Thornton, Colorado.
Mark Cosenza, senior vice president of Inland Acquisitions, facilitated the purchase of four Life Storage properties located in the greater Nashville, Tennessee (2) and Louisville, Kentucky (2) major metros. Life Storage is a fully integrated, self-administered and self-managed REIT that is one of the largest self-storage companies in the world. The properties were 94 percent occupied at closing.
“We have a strong pipeline of 2021 acquisitions,” said Joe Cosenza. “In 2020, the QOZs and 1031 platforms consumed much of our inventory and we look forward to building on that momentum as the economy stabilizes with the election behind us and the vaccination being disseminated.”
Since inception, Inland Acquisitions has facilitated more than $48 billion of purchases including single-tenant properties, medical office buildings, retail properties, apartments, student housing and self-storage.
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About Inland Real Estate Acquisitions, LLC
Inland Real Estate Acquisitions, LLC assists in identifying potential acquisition opportunities, negotiates acquisition-related contracts and acquires real estate assets for the various entities that are a part of The Inland Real Estate Group of Companies, Inc., one of the nation’s largest commercial real estate and finance groups, which is comprised of independent legal entities, some of which may be affiliates, share some common ownership or have been sponsored and managed by such entities or subsidiaries thereof (collectively, “Inland”). For additional information, please refer to Inland’s website at www.inlandgroup.com.