Inland Real Estate Acquisitions Inc. paid $424 million for 16 shopping centers sold by a joint venture between TIAA-CREF and Developers Diversified Realty Cor.

The 3.5 million square feet acquired includes six centers in Florida. Two are in the Tampa Bay area - the 231,106-square-foot Gateway Market Center in St. Petersburg and the 324,985-square-foot Sarasota Pavilion.

"This portfolio represents the type of core retail real-estate assets that play a prominent role in people's everyday lives, and we believe that makes it an attractive investment,” said Mark Cosenza, vice president of Inland Real Estate Acquisitions, in a statement. "Consumers today are focusing on value and convenience, and the majority of these shopping centers have strong grocery and value-based tenants.”

The CB Richard Ellis National Retail Investment Group represented the seller.

Oak Brook, Ill.-based Inland Real Estate Acquisitions Inc. is the purchasing arm for various entities that are a part of The Inland Real Estate Group of Companies Inc.

Inland-sponsored companies own and manage more than 113 million square feet of diversified commercial real estate in 46 states, as well as managed assets in excess of $25.3 billion.