Inland Buys Stone Creek Towne Center
- Mar 19, 2012
Inland Real Estate Corp. (NYSE: IRC) recently acquired a Cincinnati power center. It paid $36 million for Stone Creek Towne Center on Feb. 29, purchasing it through its joint venture with PGGM.
Stone Creek Towne Center is located between Interstate 275 and Colerain Avenue, in Colerain Township. The four-year-old, 540,000-square-foot shopping center features 142,800 square feet of leaseable space and is 98 percent leased. Anchored by Bed, Bath & Beyond, Old Navy and Best Buy, it also includes other national tenants, such as Rue 21, Lane Bryant, Five Guys Burgers, The Men’s Warehouse and Starbucks. Meijer, JC Penney and Toys “R” Us operate company-owned stores at the center that were not included in the sale.
The 68-acre center features two miles of lighted walking/bike trails connecting it to the Government Complex. It was developed by Bellevue-based Brandicorp and Trinity Development Co. of Knoxville, Tenn.
The venture secured a 10-year mortgage loan of $19.8 million at a fixed rate of 5 percent.
Inland also recently acquired Turfway Commons, a community center located in Florence, Ky., a Cincinnati suburb, as well as Westgate Shopping Center, a grocery-anchored power center in the Cleveland area (for more on this, visit the Cleveland city page). “The purchase of these properties is in line with our plan to acquire multiple assets in targeted Midwest markets as a way to facilitate operational and leasing efficiencies.” said Scott Carr, executive vice president & chief investment officer, in a press release.
Inland is a self-managed, publicly traded real estate investment trust based in Oak Brook, Ill. It acquires, owns and manages neighborhood, community, power and lifestyle retail centers and single-tenant properties located primarily in the Midwestern United States. As of Dec. 31,2011, the company owns interests in and manages 146 properties, with approximately 14 million square feet of real estate totaling nearly $1.8 billion in asset acquisition value.
Photo courtesy of http://www.brandicorp.com/.