Inland Real Estate Corporation Acquires Shopping Center in Chicago Metro Area
October 06 2014 - 8:30AM
Business Wire
− Prairie Crossings Anchored by Bed Bath
& Beyond, Sports Authority and Office Depot –
Inland Real Estate Corporation (NYSE: IRC), a leading real
estate investment trust that owns and operates high quality,
necessity and value-based retail centers in select markets
primarily within the Central United States, today announced that it
has acquired Prairie Crossings in Frankfort, Ill., an affluent
southwest suburb of Chicago, for $24.7 million in cash, excluding
closing costs and adjustments.
Prairie Crossings, Frankfort, IL (Photo:
Business Wire)
The Prairie Crossings acquisition consists of approximately
109,000 square feet of gross leasable area, including over 83,000
square feet of inline retail space plus two multi-tenant outlot
buildings. The power center is currently 99% leased, and anchored
by leading national retailers Bed Bath & Beyond, Sports
Authority and Office Depot, and shadow anchored by a
separately-owned Kohl’s. The anchor tenants are complemented by an
array of in-demand retailers, restaurants and service providers
including Famous Footwear, Panera Bread, Chipotle, Red Mango, Game
Stop, Sleepy’s, Massage Envy and Spa, and Hair Cuttery, among
others.
“Prairie Crossings’ high quality roster of national retailers,
attractive market position and solid demographic profile make the
center a perfect fit for our portfolio,” said Scott Carr, executive
vice president and chief investment officer for Inland Real Estate
Corporation. “Our acquisition of Prairie Crossings, following our
purchase of the neighboring Mokena Marketplace earlier this year,
expands our presence in this vibrant regional submarket. Our
strategy of owning multiple assets within a trade area provides
leasing flexibility to merchandise our centers with the optimal mix
of tenants, enhancing consumer traffic across all of our properties
in this market.”
Prairie Crossings is located 30 miles southwest of downtown
Chicago, primarily serving the communities of Frankfort, Mokena and
New Lenox. The power center is situated in the heart of the trade
area on U.S. Route 30, one of the main east-west thoroughfares
running through Chicago’s southwest suburbs and home to the
majority of retail development in the Frankfort/Mokena/New Lenox
regional submarket. The center is supported by strong demographics,
drawing from a population base of approximately 95,100 with average
household income of nearly $118,800 within a five-mile radius.
About Inland Real Estate Corporation
Inland Real Estate Corporation is a self-advised and
self-managed publicly traded real estate investment trust (REIT)
focused on owning and operating open-air neighborhood, community
and power shopping centers located in well-established markets
primarily in the Central United States. As of June 30, 2014, the
Company owned interests in 135 investment properties, including 31
owned through its unconsolidated joint ventures, with aggregate
leasable space of approximately 15 million square feet. Additional
information on Inland Real Estate Corporation is available at
www.inlandrealestate.com. To connect with Inland Real Estate
Corporation via LinkedIn, visit
http://www.linkedin.com/company/inland-real-estate-corporation, or
via Twitter at www.twitter.com/IRC_REIT.
Certain information in this supplemental information may
constitute "forward-looking statements" within the meaning of the
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prospects, the value of our assets, our joint venture commitments
and the amount and timing of anticipated future cash distributions.
Forward-looking statements reflect the intent, belief or
expectations of our management based on their knowledge and
understanding of our business and industry and their assumptions,
beliefs and expectations with respect to the market for commercial
real estate, the U.S. economy and other future conditions.
Forward-looking statements are not guarantees of future
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Actual results may differ materially from those expressed or
forecasted in forward-looking statements due to a variety of risks,
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risks listed and described under Item 1A”Risk Factors” in our
Annual Report on Form 10-K for the year ended December 31, 2013, as
filed with the Securities and Exchange Commission (the “SEC”) on
February 28, 2014, as they may be revised or supplemented by us in
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disclaims any obligation or undertaking to publicly release any
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Photos/Multimedia Gallery Available:
http://www.businesswire.com/multimedia/home/20141006005175/en/
Inland Real Estate CorporationDawn Benchelt, Investor Relations
Director(630) 218-7364ir@inlandrealestate.com
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