Inland Western Retail Real Estate Trust bought most of the complex Thursday for $34.9 million from Morin Development Group, a Tampa-based firm. Inland is part of the Inland Real Estate Group of Cos., an Oak Brook, Ill.-based juggernaut that's the fifth-largest owner of shopping centers in the United States.

The deal does not include the Target department store, which is owned by Target Stores.

Walter's Crossing boasts an impressive tenant list, including Wild Oats Market, Linens 'n Things and Petsmart. The story behind the shopping center, which opened last summer, is not quite as pretty: The development company sparred with investors and faced legal action from its mortgage holder.

"I'm glad it's over," said Ken Morin, president of Morin Development Group. "As painful as it's been at times, it's been very fulfilling and rewarding. At the end of the day, it's a great project."

Inland vice chairman Joe Cosenza had been eyeing the shopping center for a while before moving to acquire it, Inland spokesman Darryl Cater said.

"Despite those difficulties, this is really a great shopping center," Cater said. "None of the problems that came up affect the quality of the center."

Reporter Dave Simanoff can be reached at dsimanoff@tampatrib.com or (813) 259-7762.