- Phase II Includes 115,000 Sq. Ft of GLA Anchored by TJ Maxx and Dick’s Sporting Goods -

Inland Real Estate Corporation (NYSE: IRC) today announced that its joint venture with Dutch pension fund advisor PGGM has acquired Phase II of Newport Pavilion, a grocery-anchored power center located in Newport, Kentucky, within the Cincinnati metropolitan area, for $23.6 million in cash, subject to future earnout payments. Newport Pavilion Phase II comprises 115,000 square feet of retail space including ground leases, which is leased to Dick’s Sporting Goods, TJ Maxx, Buffalo Wild Wings, Panera, Chipotle, T-Mobile, Sport Clips, and a variety of other retailers, restaurants and service providers.

Newport Pavilion, Newport, KY (Photo: Business Wire)

The IRC-PGGM joint venture earlier this year acquired Newport Pavilion Phase I, which includes 222,300 square feet of retail space including ground leases, and is anchored by Kroger Marketplace, Michaels, PetSmart and Ulta. The entire 337,300-square-foot power center is currently 96% leased, and shadow-anchored by a separately-owned 134,500-square-foot Target store.

“Newport Pavilion is well-positioned as the dominant power center in the trade area, with an outstanding tenant line-up of leading national retailers representing virtually every major retail category, in an infill, fortress location,” said Mark Zalatoris, president and chief executive officer of Inland Real Estate Corporation. “In addition, the acquisition expands our presence in the Cincinnati market, furthering our strategic goal of growing our platform while simultaneously enhancing the diversification, quality and performance of the portfolio.”

Newport Pavilion attributes include its prime location in a high-barrier-to-entry, densely populated trade area, drawing from a population base of 255,520 with an average household income of $57,700 within a 5-mile radius, plus an additional 250,000 daytime population working within a ten minute drive. Situated along Interstate 471, a major artery traveled daily by downtown commuters from Northern Kentucky and Cincinnati’s eastern suburbs, Newport Pavilion is the closest and most accessible major retail center serving downtown Cincinnati and nearby neighborhoods.

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 Midwestern 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 Federal Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements that do not reflect historical facts and instead reflect our management's intentions, beliefs, expectations, plans or predictions of the future. Forward-looking statements can often be identified by words such as "seek," “believe,” “expect,” “anticipate,” “intend,” “estimate,” “may,” “will,” “should” and “could.” Examples of forward-looking statements include, but are not limited to, statements that describe or contain information related to matters such as management's intent, belief or expectation with respect to our financial performance, investment strategy or our portfolio, our ability to address debt maturities, our cash flows, our growth 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 performance, and investors should not place undue reliance on them. Actual results may differ materially from those expressed or forecasted in forward-looking statements due to a variety of risks, uncertainties and other factors, including but not limited to the 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 subsequent Reports on Form 10-Q and other filings with the SEC. Except as otherwise required by applicable law, the Company disclaims any obligation or undertaking to publicly release any updates or revisions to any forward-looking statement in this release to reflect any change in the Company's expectations or any change in events, conditions or circumstances on which any such statement is based.

Inland Real Estate CorporationDawn Benchelt, Investor Relations Director(630) 218-7364ir@inlandrealestate.com

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