OAK BROOK, Ill.--(BUSINESS WIRE)--Inland Real Estate Corporation (NYSE: IRC), a leading real estate investment trust that owns and operates high quality, necessity and value-based retail centers in select markets primarily within the Central United States, today announced that it has acquired Prairie Crossings in Frankfort, Ill., an affluent southwest suburb of Chicago, for $24.7 million in cash, excluding closing costs and adjustments.
The Prairie Crossings acquisition consists of approximately 109,000 square feet of gross leasable area, including over 83,000 square feet of inline retail space plus two multi-tenant outlot buildings. The power center is currently 99% leased, and anchored by leading national retailers Bed Bath & Beyond, Sports Authority and Office Depot, and shadow anchored by a separately-owned Kohl’s. The anchor tenants are complemented by an array of in-demand retailers, restaurants and service providers including Famous Footwear, Panera Bread, Chipotle, Red Mango, Game Stop, Sleepy’s, Massage Envy and Spa, and Hair Cuttery, among others.
“Prairie Crossings’ high quality roster of national retailers, attractive market position and solid demographic profile make the center a perfect fit for our portfolio,” said Scott Carr, executive vice president and chief investment officer for Inland Real Estate Corporation. “Our acquisition of Prairie Crossings, following our purchase of the neighboring Mokena Marketplace earlier this year, expands our presence in this vibrant regional submarket. Our strategy of owning multiple assets within a trade area provides leasing flexibility to merchandise our centers with the optimal mix of tenants, enhancing consumer traffic across all of our properties in this market.”
Prairie Crossings is located 30 miles southwest of downtown Chicago, primarily serving the communities of Frankfort, Mokena and New Lenox. The power center is situated in the heart of the trade area on U.S. Route 30, one of the main east-west thoroughfares running through Chicago’s southwest suburbs and home to the majority of retail development in the Frankfort/Mokena/New Lenox regional submarket. The center is supported by strong demographics, drawing from a population base of approximately 95,100 with average household income of nearly $118,800 within a five-mile radius.
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 June 30, 2014, the Company owned interests in 135 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.
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