Inland Real Estate Corporation Announces Development of Publix-Anchored Center in Northeastern Alabama
October 30 2014 - 5:18PM
Business Wire
Inland Real Estate Corporation (NYSE: IRC) today announced that
it has acquired 13 acres of land for the development of The Shoppes
at Rainbow Landing, a 65,000-square-foot shopping center that will
be located in Rainbow City, Alabama. The center, which is 74%
pre-leased, will include a 45,600-square-foot Publix grocery store
and approximately 16,000 square feet of shop space, with two
outlots available for future development. The Company will develop
the center in conjunction with its joint venture partner MAB
American Retail Partners, LLC, who will provide development
services for the project. Construction on the center is expected to
begin by early November, with the Publix store targeted to open in
the fall of 2015.
Shoppes at Rainbow Landing (Rainbow City,
AL)
“The Shoppes at Rainbow Landing is our first retail development
in Alabama, and represents execution on our strategic plan to grow
our portfolio by developing and acquiring shopping centers in the
southeastern United States,” said Scott Carr, chief investment
officer for Inland Real Estate Corporation. “In line with that
objective, we look forward to adding market-leading Publix to our
tenant roster of high quality national retailers. In addition, our
strategy of partnering with established developers provides the
opportunity to add this brand new shopping center to our portfolio
at better than market pricing.”
The Shoppes at Rainbow Landing site is located approximately one
hour northeast of Birmingham, Alabama. The Publix-anchored center
is expected to draw from an immediate trade area that includes a
population base of 25,169 with average household incomes of $61,547
within a 10-minute drive time from the property. The center will
benefit from its prime location at the intersection of Rainbow
Drive (U.S. Highway 411) and Alabama Highway 77, which provide
excellent regional accessibility to the property.
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
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,
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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.
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Inland Real Estate CorporationDawn Benchelt, Investor Relations
Director(630) 218-7364ir@inlandrealestate.com
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