Market Snapshot
  • U.S.
  • Europe
  • Asia
Ticker Volume Price Price Delta
DJIA 16,414.77 6.23 0.04%
S&P 500 1,863.96 -0.89 -0.05%
NASDAQ 4,091.08 -4.43 -0.11%
Ticker Volume Price Price Delta
STOXX 50 3,155.81 16.55 0.53%
FTSE 100 6,625.25 41.08 0.62%
DAX 9,409.71 91.89 0.99%
Ticker Volume Price Price Delta
NIKKEI 14,512.38 -3.89 -0.03%
TOPIX 1,171.40 -1.97 -0.17%
HANG SENG 22,760.24 64.23 0.28%

Inland Real Estate Corporation Joint Venture Acquires Walmart-Anchored Shopping Centers in Milwaukee Market



  Inland Real Estate Corporation Joint Venture Acquires Walmart-Anchored
  Shopping Centers in Milwaukee Market

Business Wire

OAK BROOK, Ill. -- September 12, 2013

Inland Real Estate Corporation (NYSE:IRC) today announced that its joint
venture with Dutch pension fund advisor PGGM has acquired a portfolio of three
Walmart-anchored shopping centers in the Milwaukee market for a total purchase
price of $24.2 million, subject to future earn out payments. The portfolio
totals approximately 174,500 square feet of retail space and was acquired from
a regional developer in an off-market transaction.

“We continue to grow our platform through the acquisition of high-quality
properties which strengthen the credit quality of our tenant base, as well as
improve the diversification metrics and growth profile of our portfolio,” said
Scott Carr, chief investment officer for Inland Real Estate Corporation. “In
addition, our ability to acquire these assets through our joint venture with
PGGM allows us to leverage our partner’s capital and achieve an attractive
return on our equity, while retaining the option to increase our ownership
interest in the future.”

The portfolio includes the 62,307-square-foot Capital and 124^th shopping
center in Wauwatosa, Wis.; the 71,927-square-foot Pilgrim Village shopping
center in Menomonee Falls, Wis.; and the 40,302-square-foot Timmerman Plaza in
Milwaukee, Wis. The property details are as follows:

  * The Capitol and 124^th shopping center is 100 percent leased and anchored
    by a new 38,093-square-foot Walmart Neighborhood Market and a
    13,000-square-foot Petco store. The city of Wauwatosa, Wis. is located
    approximately eight miles northwest of downtown Milwaukee. The shopping
    center is situated within a dense trade area, drawing from a population
    base of approximately 77,600 with an average household income of nearly
    $68,300 within a 3-mile radius.
  * The 100 percent leased Pilgrim Village shopping center is anchored by a
    new 40,596-square-foot Walmart Neighborhood Market on a ground lease, with
    the balance of the center leased to a restaurant, hair salon and wine
    shop. Also included in the purchase are three outparcels to be developed.
    The city of Menomonee Falls is located approximately 14 miles northwest of
    downtown Milwaukee. Pilgrim Village is well-located at the busy
    intersection of Pilgrim Drive and Main Street next to Highway 45 and
    supported by average household income of more than $75,000 within a
    three-mile radius.
  * The Timmerman Plaza property is shadow anchored by a new Walmart
    Supercenter and a Pick N Save grocery store (Roundy’s Inc.). Included in
    the acquisition are a 12,000-square-foot store leased to Dollar Tree and a
    recently renovated 28,300-square-foot multi-tenant retail building. The
    property is located in the northwest corridor of Milwaukee and draws from
    a population base of approximately 99,300 with average household income of
    over $53,300 within a three-mile radius.

About Inland Real Estate Corporation

Inland Real Estate Corporation is a self-administered and self-managed
publicly traded real estate investment trust (REIT) that owns and operates
open-air neighborhood, community, power and lifestyle retail centers and
single-tenant properties located primarily in the Midwestern United States. As
of June 30, 2013, the Company owned interests in 154 investment properties,
including 40 owned through its unconsolidated joint ventures, with aggregate
leasable space of approximately 15 million square feet. For additional
information, please visit www.inlandrealestate.com. To connect with Inland
Real Estate Corporation via LinkedIn, please visit
http://www.linkedin.com/company/inland-real-estate-corporation, or via Twitter
at www.twitter.com/IRC_REIT.

Safe Harbor

Certain statements in this news release 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 "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
the 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. These statements are not guarantees of future performance,
and investors should not place undue reliance on forward-looking statements.
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 factors listed and described under
Item 1A"Risk Factors" in our Annual Report on Form 10-K for the year ended
December 31, 2012, as filed with the Securities and Exchange Commission (the
"SEC") on February 28, 2013 as they may be revised or supplemented by us in
subsequent Reports on Form 10-Q and other filings with the SEC. Among such
risks, uncertainties and other factors are market and economic challenges
experienced by the U.S. economy or real estate industry as a whole, including
dislocations and liquidity disruptions in the credit markets; the inability of
tenants to continue paying their rent obligations due to bankruptcy,
insolvency or a general downturn in their business; competition for real
estate assets and tenants; impairment charges; the availability of cash flow
from operating activities for distributions and capital expenditures; our
ability to refinance maturing debt or to obtain new financing on attractive
terms; future increases in interest rates; actions or failures by our joint
venture partners, including development partners; and factors that could
affect our ability to qualify as a real estate investment trust. The Company
undertakes no obligation to update or revise forward-looking statements to
reflect changed assumptions, the occurrence of unanticipated events or changes
to future operating results.

Contact:

Inland Real Estate Corporation Contacts:
Dawn Benchelt, Assistant Vice President/Investor Relations Director
(630) 218-7364
ir@inlandrealestate.com
or
Beth Hicks, Assistant Vice President/Marketing Director
(630) 954-4411
hicks@inlandrealestate.com
Sponsored Links
Advertisement
Advertisements
Sponsored Links
Advertisement