Inland Real Estate Corporation Announces Acquisition of Grocery-Anchored Center in Minneapolis-St. Paul MSA
February 06 2015 - 8:30AM
Business Wire
- Argonne Village in Lakeville, Minn., is
100% Leased -
Inland Real Estate Corporation (NYSE: IRC) today announced that
its joint venture with Dutch pension fund advisor PGGM has acquired
Argonne Village, a 113,000-square-foot neighborhood shopping
center, located in Lakeville, Minn., a suburb of Minneapolis, for
$26.3 million in cash. Argonne Village is anchored by a
71,800-square-foot Cub Foods grocery store with a complementary mix
of co-tenants that includes national retailers Dollar Tree, Taco
Bell, Starbucks, FedEx Kinko’s, Little Caesars Pizza, Great Clips
and others.
Argonne Village - Lakeville, MN (Photo:
Business Wire)
“Argonne Village has all of the attributes we look for in a
Class-A grocery-anchored center,” said Scott Carr, executive vice
president and chief investment officer for Inland Real Estate
Corporation. “The 100-percent-leased center has a strategic
location in a demographically-strong trade area and a high quality
tenant roster which includes Cub Foods, the market leading grocer
in the Minneapolis-St. Paul market, and other high quality national
and local tenants. In addition, the acquisition of Argonne Village
strengthens our presence in the Twin Cities metro area, which
enhances our leasing flexibility and operating efficiencies.”
The Argonne Village neighborhood shopping center, situated
approximately 20 miles south of Minneapolis, draws from an affluent
population base of more than 40,500 with average household income
in excess of $124,000 within a 3-mile radius. The property is well
located off of County Road 50 and I-35W, where an estimated 20,237
and 83,000 vehicles pass by, respectively, each day. The city of
Lakeville, located within the Minneapolis-St. Paul-St. Cloud MN-WI
MSA, is a growing, family-oriented community that was named one of
Money Magazine’s “Top 100 Best Places to Live” in 2012.
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 September 30, 2014,
the Company owned interests in 136 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
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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.
Photos/Multimedia Gallery Available:
http://www.businesswire.com/multimedia/home/20150206005084/en/
Inland Real Estate CorporationDawn Benchelt, Director of
Investor Relations(630) 218-7364ir@inlandrealestate.com
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