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The Associated Press September 9, 2010, 6:20PM ET

Inland Real Estate venture buys retail center

Inland Real Estate Corp. said Thursday its joint venture with Inland Real Estate Exchange Corp. has acquired a community retail center in Florida for $11.3 million.

The 116,430-square-foot center in Port Charlotte is fully leased by two tenants.

Inland Real Estate Corp. funded the transaction by drawing on its line of credit and with cash.

Shares in Inland Real Estate fell 16 cents to $7.81 on Thursday.

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