Inland Real Estate Corporation Announces Acquisition of Eastgate Crossing in Cincinnati MSA
June 01 2015 - 8:30AM
Business Wire
Inland Real Estate Corporation (NYSE: IRC) today announced that
its joint venture with Dutch pension fund administrator PGGM has
acquired the Eastgate Crossing shopping center, located in Union
Township, Ohio, a thriving community less than 20 miles east of
downtown Cincinnati, for a purchase price of $21.1 million,
excluding closing costs and adjustments and subject to future
earnout payments. The 174,700-square-foot property is approximately
97% leased to Kroger, Marshalls, Ashley Furniture, Jo-Ann Fabrics,
Dollar Tree, and a complementary mix of national and local
retailers.
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Eastgate Crossing - Union Township, OH
(Photo: Business Wire)
“Eastgate Crossing is a best-in-class, grocery and value-retail
hybrid center, characterized by its prime location in a dynamic
regional trade area, excellent demographic profile and strong
tenant line-up of leading national retailers such as Marshalls and
Kroger, the number one grocer in the Cincinnati market,” said Scott
Carr, executive vice president and chief investment officer of
Inland Real Estate Corporation. “The Eastgate Crossing acquisition
expands our presence within the Cincinnati MSA to a total of four
high-quality shopping centers with total gross leasable area of
approximately 628,100 square feet (1.4 million square feet of
retail space, including ground leases and non-owned shadow
anchors), which we can leverage to achieve leasing and operating
efficiencies.”
Eastgate Crossing is strategically located in the heart of the
Eastgate retail corridor, across from the Eastgate Mall and close
to the busy intersection of I-275 and State Route 32. The center
benefits from consumer traffic generated by the mall, and draws
from a residential population of more than 46,000 with average
household income over $76,700 within a three-mile radius, and
nearly 103,000 people with average household income over $88,700
within five miles of the property.
The $21.1 million purchase price included a $14.6 million
mortgage loan with a maturity date in May 2017, which the joint
venture assumed at closing. The IRC-PGGM venture maintains an
overall leverage level of 40% to 50% on the portfolio, in
accordance with the partnership agreement.
“With the acquisition of Eastgate Crossing, we have added
another Class-A asset to the IRC-PGGM joint venture portfolio,”
said Mark Zalatoris, president and chief executive officer of
Inland Real Estate Corporation. “As the final purchase for our
joint venture with PGGM, Eastgate Crossing exemplifies the
high-quality assets acquired by the venture over the past few
years, which have enhanced the overall quality and diversification
of our total portfolio.” Including Eastgate Crossing, the IRC-PGGM
joint venture portfolio consists of 36 prime retail assets
aggregating approximately 5.0 million square feet (owned) of gross
leasable area.
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 March 31, 2015,
the Company owned interests in 134 fee simple investment
properties, including 33 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,”
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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, 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.
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Inland Real Estate CorporationDawn Benchelt, Director of
Investor Relations(630) 218-7364ir@inlandrealestate.com
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