Inland Real Estate Corp. Pays $25M for Prairie Crossings Shopping Center in Frankfort, IL
- Oct 09, 2014
Illinois-based REIT Inland Real Estate Corporation, a company with $2.9 billion in assets under management and a substantial presence in the Chicago retail market, recently announced the acquisition of a power shopping center in Frankfort, Ill. The company purchased the Prairie Crossings shopping center for $24.7 million in cash, according to a news release.
Inland’s latest acquisition offers about 109,000 square feet of leasable space, with more than 83,000 square feet of inline retail space and two multi-tenant outlot buildings. Prairie Crossings currently houses a number of national retailers like Bed Bath & Beyond, Office Depot, Sports Authority, Panera Bread, Chipotle, Red Mango, Famous Footwear, Game Stop, and Hair Cuttery among many others.
Located roughly 30 miles southwest of downtown Chicago, the Prairie Crossings shopping center serves the communities of Frankfort, Mokena and New Lenox and draws clients from a population base of about 95,100.
“Prairie Crossing’s 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 Corp. “Our acquisition of Prairie Crossings, following our purchase of the neighboring Mokena Marketplace earlier this year, expands our presence in this vibrant regional submarket.”
Inland’s expansive retail portfolio consists of high quality shopping centers in strong geographic markets such as the Chicago and Minneapolis metropolitan areas, and currently holds interests in 135 properties totaling roughly 15 million square feet of gross leasable area.
“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,” Scott Carr explained.
Image courtesy of Inland Real Estate Corporation