OAK BROOK, Ill., Feb 29, 2012 (BUSINESS WIRE) –
Inland Real Estate Corporation
/quotes/zigman/360677/quotes/nls/irc IRC
-1.03%
today announced that it has
acquired two retail properties in the Minneapolis market for a total
cost of approximately $46.6 million, excluding closing costs and
adjustments. On February 24, IRC purchased through its joint venture
with PGGM, Silver Lake Village, a grocery-anchored community center
located in St. Anthony, a dense urban inner-tier suburb of Minneapolis,
for $36.3 million. Also on February 24, IRC purchased Woodbury Commons,
a community center located in Woodbury, an affluent eastern suburb of
the Twin Cities, for $10.3 million. The Company plans to contribute
Woodbury Commons to the joint venture with PGGM in the near future.
Silver Lake Village is situated in a prime location within a dense trade
area. The center totals approximately 159,303 square feet of gross
leasable area (GLA), plus a 144,046-square-foot Wal-Mart store on a
ground lease. The center is anchored by market-leading grocer Cub Foods,
and additional tenants include a strong mix of national and regional
retailers such as Applebee’s, Chipotle, Caribou Coffee, Wells Fargo,
GNC, RadioShack and Sally Beauty Supply. The center is approximately 94
percent leased, including ground leases. Upon closing, the venture will
assume a restructured $20 million property-level loan with a seven-year
term.
Woodbury Commons is located in one of the fastest-growing suburban areas
in the Minneapolis metropolitan area. The center totals 116,197 square
feet of GLA, and its tenants include Outback Steakhouse, Applebee’s,
Hancock Fabrics, Payless Shoe Source and Sally Beauty Supply. The
property is shadow-anchored by Wal-Mart, and IRC has also signed a lease
with a new anchor tenant that will bring the center to 100 percent
leased occupancy after closing. IRC anticipates placing financing on the
asset at leverage levels consistent with its existing business plan.
“These two acquisitions exemplify our strategy of acquiring high-quality
assets in the best infill locations within our primary markets,” said
Scott Carr, president of property management for Inland Real Estate
Corporation. “Both of these centers offer significant upside potential
through a targeted leasing program that will fill vacancies through our
existing relationships with tenants already in the IRC portfolio. In
addition, these assets were acquired in an off-market transaction
sourced from a local developer with whom we have an established
relationship.”
About Inland Real Estate Corporation
Inland Real Estate Corporation is a self-administered and self-managed
publicly traded real estate investment trust that owns and operates
open-air neighborhood, community, power and lifestyle retail centers and
single-tenant properties located primarily in the Midwestern United
States. As of December 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. Additional information on Inland Real Estate
Corporation is available at
www.inlandrealestate.com .
Certain statements in this press release constitute “forward-looking
statements” within the meaning of the Federal Private Securities
Litigation Reform Act of 1995. These forward-looking statements
are not historical facts but are the intent, belief or current
expectations of our management based on their knowledge and
understanding of the business and industry, the economy and other future
conditions. These statements are not guarantees of future performance,
and investors should not place undue reliance on forward-looking
statements. Actual results may differ materially from those expressed or
forecasted in the forward-looking statements due to a variety of risks,
uncertainties and other factors, including but not limited to the
factors listed and described under “Risk Factors” in our Annual Report
on Form 10-K for the year ended December 31, 2011, as may be updated or
supplemented by our Form 10-Q filings. These factors include, but are
not limited to: market and economic challenges experienced by the U.S.
economy or real estate industry as a whole, including dislocations and
liquidity disruptions in the credit markets; the inability of tenants to
continue paying their rent obligations due to bankruptcy, insolvency or
a general downturn in their business; competition for real estate assets
and tenants; impairment charges; the availability of cash flow from
operating activities for distributions and capital expenditures; our
ability to refinance maturing debt or to obtain new financing on
attractive terms; future increases in interest rates; actions or
failures by our joint venture partners, including development partners;
and other factors that could affect our ability to qualify as a real
estate investment trust. We undertake no obligation to update or
revise forward-looking statements to reflect changed assumptions, the
occurrence of unanticipated events or changes to future operating
results.
SOURCE: Inland Real Estate Corporation
Inland Real Estate Corporation (Investors/Analysts):
Dawn Benchelt, Investor Relations Director
(630) 218-7364
benchelt@inlandrealestate.com
or
Inland Communications, Inc. (Media):
Joel Cunningham, Media Relations
(630) 218-8000 x4897
cunningham@inlandgroup.com
Copyright Business Wire 2012
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