Inland Retail Real Estate Trust Inc. has bought Atlanta’s Fayette Pavilion for $172 million, or roughly $122 per sq. ft. The deal marks Atlanta’s biggest retail sale of the year. The Fayette Pavilion is the largest shopping center in Fayette County, which is located outside of Atlanta.
Thomas Enterprises sold the 1.4 million sq. ft. regional mall, built in 1995. In July, Inland paid Thomas Enterprises $201 million for seven other Atlanta-area shopping centers.
Inland’s unlisted retail REIT has bought almost 3.7 million sq. ft. of retail space since Jan. 1, and has spent nearly $2 billion on retail properties this year. With this purchase, Inland now boasts a metro-Atlanta portfolio of roughly 9 million sq. ft.
Fayette Pavilion’s tenants include Super Wal-Mart, Kohl’s, T.J Maxx and Old Navy. Target and Home Depot are also tenants of the center, although they were not part of this deal.