Inland Real Estate Corporation Announces Acquisition of Newport Pavilion Phase II in Cincinnati MSA
October 17 2014 - 8:30AM
Business Wire
- 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
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Actual results may differ materially from those expressed or
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Photos/Multimedia Gallery Available:
http://www.businesswire.com/multimedia/home/20141017005068/en/
Inland Real Estate CorporationDawn Benchelt, Investor Relations
Director(630) 218-7364ir@inlandrealestate.com
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