Inland Real Estate Corporation Announces Redevelopment of Joliet Commons with Addition of DICK’S Sporting Goods and DSW
February 17 2015 - 5:05PM
Business Wire
Inland Real Estate Corporation (NYSE: IRC) is pleased to
announce the redevelopment of Joliet Commons, a power center in
Joliet, Ill., with the addition of a new 65,000-square-foot
building for national retailers DICK’S Sporting Goods and DSW to be
constructed this spring. The redevelopment will increase the total
gross leasable area (GLA) of the property by over 30,000 square
feet, generate increased traffic to the shopping center and bring
two new national retailers to the Joliet market.
“The redevelopment of Joliet Commons is an example of our
commitment to continuously seek opportunities to enhance asset
value by adding best-in-class retailers that promote shopping
synergies and drive consumer traffic,” said Scott Carr, executive
vice president and chief investment officer for Inland Real Estate
Corporation. “The addition of DICK’S and DSW further strengthens
the center’s position as a top shopping destination within the
greater Joliet regional submarket and provides long-term benefits
to the surrounding community.”
DICK’S Sporting Goods, a leading omni-channel sporting goods
retailer, will bring an extensive assortment of authentic,
high-quality sports equipment, apparel, footwear and accessories to
serve the athletes and outdoor enthusiasts of the Joliet community.
DSW Designer Shoe Warehouse is a leading branded footwear and
accessories retailer with 431 stores nationwide.
To accommodate the new tenants, IRC will redevelop a former
movie theater at the center into a brand new building for DICK’S
Sporting Goods and DSW. With the addition of the new building, the
total GLA of Joliet Commons will increase to 229,000 square feet.
DICK’S Sporting Goods and DSW will join other national retailers at
the center such as PetSmart, Old Navy, Party City and Famous
Footwear. The solid tenant mix of national and regional retailers
makes the center a central shopping hub within the city of Joliet,
which has been identified as one of the fastest growing cities in
Illinois.
“This major redevelopment project is an exciting addition to the
already thriving business climate along the I-55/Route 30 corridor,
and throughout all of Joliet,” said City of Joliet Mayor Tom
Giarrante. “I look forward to the jobs and sales tax revenue both
DICK’S Sporting Goods and DSW will bring.”
Anticipated timeline includes:
- February/March 2015 – Demolition of
former theater
- April 2015 – Ground breaking &
construction begins
- Fall 2015 – Completion &
opening
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.
Photos/Multimedia Gallery Available:
http://www.businesswire.com/multimedia/home/20150217006545/en/
Inland Real Estate Corporation:Beth Hicks, Director of
Marketing(630) 954-4411hicks@inlandrealestate.comorDawn Benchelt,
Director of Investor Relations(630)
218-7364ir@inlandrealestate.com
Inland Real Estate (NYSE:IRC)
Historical Stock Chart
From Mar 2024 to Apr 2024
Inland Real Estate (NYSE:IRC)
Historical Stock Chart
From Apr 2023 to Apr 2024