Inland Real Estate Corporation Announces Acquisition of Cedar Center North in Cleveland MSA
April 02 2015 - 04:15PM
Business Wire
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
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Forward-looking statements are statements that do not reflect
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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
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Except as otherwise required by applicable law, the Company
disclaims any obligation or undertaking to publicly release any
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Photos/Multimedia Gallery Available:
http://www.businesswire.com/multimedia/home/20150402006393/en/
Inland Real Estate CorporationDawn Benchelt, Director of
Investor Relations(630) 218-7364ir@inlandrealestate.com
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