Inland Real Estate Corporation (NYSE: IRC) today announced that its joint venture with Dutch pension fund administrator PGGM has acquired Cedar Center North, a 61,400-square-foot shopping center located in the east Cleveland suburb of South Euclid, Ohio, for a purchase price of $15.4 million, excluding closing costs and adjustments and subject to future earnout payments. Completed in 2012, the 90% leased center is anchored by PetSmart and features a diverse blend of national retailers such as Panera, Starbucks, Five Guys, Chipotle, Jimmy Johns, Wing Stop, Sport Clips, Sprint and Huntington Learning Center.

Cedar Center North (South Euclid, OH)(Photo: Business Wire)

“Cedar Center North is a vibrant, high-traffic center with a strong tenant base of in-demand retailers, restaurants and service providers, situated in an infill location with excellent demographics,” said Mark Zalatoris, president and chief executive officer of Inland Real Estate Corporation. “The acquisition complements our ownership of Cedar Center South and increases our footprint in the Cleveland area to five assets aggregating more than 651,000 square feet of high quality retail space. We expect this substantial presence to help drive income growth through increased operating efficiencies and complementary leasing that optimizes the tenant mix at each center.”

Cedar Center North, located in the desirable eastern suburbs of Cleveland within walking distance of John Carroll University, is surrounded by a three-mile population of approximately 131,500 with average household income of nearly $79,600. The center is shadow anchored by Whole Foods, located across the street in the Cedar Center South shopping center that was acquired by the IRC-PGGM venture in 2013. The venture is currently executing on the value-add component of Cedar Center South by investing additional capital to redevelop an obsolete single-user space into approximately 11,000 square feet of gross leasable area (GLA) for multiple retailers. Cedar Center North and Cedar Center South are strategically positioned on opposite corners in the Cedar Center Shopping District, which has been a retail mainstay in the Cleveland area for over 50 years.

Upon closing the acquisition of Cedar Center North, the IRC-PGGM joint venture assumed a $10.8 million loan on the property that matures in 2039. The venture maintains an overall leverage level of 40% to 50% on the portfolio, in accordance with the partnership agreement. Including the Cedar Center North acquisition, the IRC-PGGM joint venture portfolio consists of 34 high-quality retail assets encompassing nearly 4.6 million square feet of GLA.

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 in the Central and Southeastern 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.

Inland Real Estate CorporationDawn Benchelt, Director of Investor Relations(630) 218-7364ir@inlandrealestate.com

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