Inland, PGGM JV Buys Cedar Center North for $15.4M
- Apr 17, 2015
By Adrian Maties, Associate Editor
The joint venture between Inland Real Estate Corp. and Dutch pension fund administrator PGGM continues to add more retail properties to its portfolio. Its most recent acquisition is a shopping center located in the east Cleveland suburb of South Euclid.
Cedar Center North, as the property is known, was acquired for $15.4 million. The shopping center was constructed in 2012. It totals 61,400 square feet, and, according to the new owners, was 90 percent leased at the time of the sale. Cedar Center North is anchored by PetSmart, with a tenant roster that also includes Panera, Starbucks, Five Guys, Chipotle, Jimmy Johns, Wing Stop, Sport Clips, Sprint and Huntington Learning Center.
As part of the acquisition, the Inland-PGGM joint venture assumed a $10.8 million loan that matures in 2039.
Cedar Center North is located just across the street from Cedar Center South, which the joint venture acquired in 2014. In total, the joint venture has five assets in the Cleveland area totaling more than 651,000 square feet of high-quality retail space.
With the acquisition of Cedar Center North, the Inland-PGGM joint venture’s portfolio now includes 34 high-quality retail assets with nearly 4.6 million square feet of space. Last year, it purchased Phases I and II of Northern Kentucky’s Newport Pavilion, for a total of almost $67 million.
Photo credit: Inland Real Estate Corp.