OAK BROOK, Ill.--()--Inland Real Estate Acquisitions, Inc. announced today the acquisition of South Elgin Commons, a 128,000-square-foot shopping center in Elgin, Ill., for approximately $25 million. The property was 100 percent leased at closing and is anchored by Ross Dress for Less, Toys ‘R’ Us and LA Fitness. Lou Quilici, senior vice president of Inland Real Estate Acquisitions, facilitated the transaction on behalf of Inland Diversified Real Estate Trust, Inc.
“South Elgin Commons benefits from its location in Kane County, one of the wealthiest counties in Illinois”
“South Elgin Commons benefits from its location in Kane County, one of the wealthiest counties in Illinois,” Quilici said. “Annual household incomes within a three-mile radius of the center top $100,000, and within a mile, the average income is nearly $123,000.”
Also included in the purchase is an undeveloped pad next to Ross Dress for Less that could add an additional 11,000 square feet of retail to the center. The property is shadow-anchored by Super Target and Home Depot, which were not acquired.
About Inland Real Estate Acquisitions, Inc.
Inland Real Estate Acquisitions, Inc. is the purchasing arm for various entities that are a part of The Inland Real Estate Group of Companies, Inc. (“Inland”). Headquartered in Oak Brook, Ill., Inland has been ranked one of the largest shopping center owners and managers in North America (Retail Traffic, May 2012) and the fastest-growing acquirer of retail property in the U.S. (Chain Store Age, May 2012). As of March 31, 2012, Inland-sponsored companies owned and managed in total over 129.3 million square feet of diversified commercial real estate in 48 states, as well as managed assets in excess of $25.8 billion. Inland is comprised of a group of independent legal entities some of which may be affiliates, share some common ownership or have been sponsored and managed by Inland Real Estate Investment Corporation or its subsidiaries. For additional information, please refer to Inland’s website at www.inlandgroup.com.
About Inland Diversified Real Estate Trust, Inc.
Inland Diversified Real Estate Trust, Inc. (“Inland Diversified”) is a public, non-listed real estate investment trust (REIT) that focuses on acquiring and developing a diversified portfolio of commercial real estate. For additional information, please refer to Inland Diversified’s website at www.inlanddiversified.com.
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