Inland Real Estate Corporation Announces Acquisition of Westbury Square in Huntsville, Alabama
March 12 2015 - 5:05PM
Business Wire
- Center Anchored by Stein Mart, TJMaxx and
Michaels -
Inland Real Estate Corporation (NYSE: IRC) today announced that
it has acquired Westbury Square, a community shopping center
aggregating approximately 115,000 square feet of leasable space,
located in Huntsville, Alabama, for $23.4 million in cash. The
100-percent-leased center is anchored by Stein Mart, TJMaxx and
Michaels, and features a vibrant mix of other national and local
retailers, restaurants and service providers, including Jimmy
John’s, Moe’s Southwest Grill, Jenny Craig, and BB&T.
Westbury Square - Huntsville, Alabama
(Photo: Business Wire)
“Westbury Square is well-positioned in a dominant location
within an infill trade area and is fully-leased to a high-quality
mix of retailers, attributes that should support strong tenant
sales and sustained income growth at the center,” said Scott Carr,
executive vice president and chief investment officer for Inland
Real Estate Corporation. “In addition, the center is the fourth
acquisition we have completed in the southeastern region of the
United States over the past 15 months, and represents further
progress toward our goal of enhancing the diversification of our
operating platform.”
Westbury Square’s key position at the highly-trafficked
intersection of Highway 53 (Memorial Parkway South) and Airport
Road provides a permanent location advantage. Highway 53 is the
primary north-south artery bringing traffic into downtown
Huntsville from the affluent southern suburbs and is a main route
used by commuters to the U.S. Army’s Redstone Arsenal. Airport Road
is a major east-west thoroughfare providing direct access to
Highway 53. In addition to commuters, Westbury Square serves a
growing immediate trade area of upper-to-middle income
neighborhoods with a 3-mile population of nearly 50,000 and average
household income of approximately $68,000.
The Huntsville community is a primary economic engine for the
northern Alabama and southern Tennessee regions. Huntsville, also
known as “Rocket City”, is the heart of the northern Alabama
industrial complex. In addition to the Redstone Arsenal, the
Huntsville area is home to the NASA Marshall Space Flight Center,
Cummings Research Park, and more than 90 companies representing
nearly every major U.S. aerospace corporation. The economy in the
Huntsville area is one of the strongest in the Southeast, with low
unemployment and steady job growth. In 2013, the Huntsville
metropolitan area became the 2nd largest MSA in Alabama.
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 December 31, 2014,
the Company owned interests in 132 fee simple investment
properties, including 32 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
"seek," “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 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, 2014, as
filed with the Securities and Exchange Commission (the “SEC”) on
February 27, 2015, 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/20150312006509/en/
Inland Real Estate CorporationDawn 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