Inland Real Estate Expands Portfolio
- Mar 05, 2012
Inland Real Estate Corp. announced the acquisition of two retail properties in the Minneapolis market. IRC, through a joint venture with PGGM, bought Silver Lake Village, a grocery-anchored community center situated in the dense urban inner-tier suburb of St. Anthony. The center has a total of 159,303 square feet of gross leasable area and includes a 144,046-square-foot Wal-Mart store on a ground lease. Cub Foods anchors the center, which currently is 94 percent leased, including ground leases. The joint venture paid $36.5 million for the property and will assume a restructured $20 million property-level loan with a seven-year term.
The second property acquired by IRC is the Woodbury Commons. Located in Woodbury, an eastern suburb of the Twin Cities, the community center totals 116,197 square feet of gross leasable area. A lease with a new anchor tenant will bring the occupancy rate to 100 percent after closing. The property is shadow-anchored by Wal-Mart. IRC paid $10.3 million for the center and intends to contribute it to the joint venture with PGGM in the near future.
Scott Carr, president of property management for Inland Real Estate, said the assets were acquired in an off-market transaction from a local developer with whom the real estate investment trust has an established relationship.
As of Dec. 31, 2011, the company owned interests in 146 investment properties, including 38 owned through its unconsolidated joint ventures, with aggregate leasable space of approximately 14 million square feet.
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