- December 14, 2025
The purchaser, Inland Real Estate, plans to improve marketing of the 28 tenants in the State Road 100 center.
Inland Real Estate Acquisitions Inc. announced on Tuesday the acquisition of Palm Coast Landing, a 171,297-square-foot shopping center on State Road 100, for approximately $40.4 million.
The property, which was fully leased at closing, was acquired on behalf of Inland Diversified Real Estate Trust Inc. Matt Tice, vice president of Inland Real Estate Acquisitions, facilitated the transaction.
“This property is located in Flagler County, one of the five fastest-growing counties in the U.S., and features a strong lineup of national tenants,” Tice said. “The center is one of the most active in the area, drawing from a population of more than 56,000 people within a five-mile radius.”
Tenants at the center include Ross Dress for Less, T.J. Maxx, PetSmart, Michael’s and Books-A-Million. The property is shadow-anchored by a Super Target, which owns its own property and was not acquired, Tice added. At closing, the property was 100% leased to 28 tenants.
Tice said that the tenants of the center expressed some concern about a lack of exposure. Inland, which will manage the center, is planning to increase marketing efforts to improve that exposure. Other than that, he said, shoppers shouldn’t see any impact in the center.
Headquartered in Oak Brook, Ill., Inland has been ranked one of the largest shopping center owners in North America (Retail Traffic, March/April 2011) and one of the top managers of retail property in the United States (Retail Traffic, March/April 2011).
As of Sept. 30, Inland-sponsored companies owned and managed more than 128.9 million square feet of diversified commercial real estate in 48 states, as well as managed assets in excess of $25.3 billion.
“(Palm Coast Landing) adds another property to our Florida portfolio while also increasing our geographic presence in the northern part of the state,” said Barry Lazarus, president and chief operating officer of Inland Diversified. “This acquisition demonstrates our continued confidence in the Florida’s growth.”
LUSBY: SALE INDICATES STABILITY
According to David Lusby, vice president of commercial land sales for Palm Coast Holdings, the sale of $40.4 million for Palm Coast Landing, a 171,297-square-foot shopping center on State Road 100, is a vote of confidence in the economic stability of the center.
A real estate investment trust such as Inland Diversified Real Estate Trust Inc. is a “patient investment vehicle,” Lusby said. The purchase indicates that Inland is confident it will get a slow but steady return on its investment as rent slowly increases over the years.
“It’s also a vote of confidence in Palm Coast, that it’s going to continue to grow,” Lusby said. “That’s what Inland is buying into.”
Lusby added that the seller, Weingarten Realty, wanted to sell a key asset to improve its bottom line, and it knew it could get a good price for Palm Coast Landing. Unlike many big commercial transactions around the country in the current economy, this sale was not considered a “distressed” price.
Weingarten is holding onto an undeveloped, six-acre lot east of Palm Coast Landing.
Lusby said SunTrust could build a new branch fronting State Road 100, as well.
Just as important as the sale, he added, is the way the news will spread to other commercial entities.
“Now we have another large, national real estate company that is going to be exposed to Palm Coast, and it might lead to more things,” he said. “The retail community is a pretty small fraternity of developers around the country. So other developers are going to say, ‘Did you hear Weingarten got $40 million on its property in Palm Coast?’ It may raise some eyebrows.”
— Brian McMillan
