OAK BROOK, Ill.--(BUSINESS WIRE)--Inland Real Estate Corporation (NYSE: IRC), a publicly traded real estate investment trust that owns and operates high-quality, necessity and value-based retail centers primarily in select markets in the Midwest, today announced the acquisition of Mokena Marketplace in Mokena, Ill., an affluent suburb located within the Chicago Metropolitan Statistical Area (MSA), for $13.7 million in cash.
The Mokena Marketplace acquisition includes approximately 49,000 square feet of retail space that is 76% leased to PetSmart, Party City, Sally Beauty, and Lee Nails, plus a free-standing Chase Bank on a ground lease and five developable outlots. The community shopping center is shadow anchored by JCPenney and a new Meijer’s grocery store scheduled to open this summer, which provide outstanding regional drawing power to the center.
“Mokena Marketplace is an attractive addition to our portfolio due to the center’s solid tenant base of high-quality national retailers and strong position within a vibrant regional submarket of Chicago,” said Scott Carr, executive vice president and chief investment officer for Inland Real Estate Corporation. “We are also excited about the opportunity to enhance the value of the property by leveraging our deep local market knowledge and retailer relationships to complete the lease-up of available in-line space and development of five adjacent outparcels.”
Mokena Marketplace is located approximately 30 miles southwest of downtown Chicago in the Mokena/Frankfort/New Lenox regional submarket, along the busy U.S. Route 30 retail corridor. The corridor is home to major national big-box retailers including Kohl’s, Target, Lowe’s, Walmart and Menards among others. The center’s surrounding population has a strong demographic profile, with average household income of $110,000 and population of 96,400 within a five-mile radius.
About Inland Real Estate Corporation
Inland Real Estate Corporation is a self-administered and self-managed publicly traded real estate investment trust (REIT) 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, 2013, the Company owned interests in 157 investment properties, including 52 owned through its unconsolidated joint ventures, with aggregate leasable space of approximately 15 million square feet. For additional information, please visit www.inlandrealestate.com. To connect with Inland Real Estate Corporation via LinkedIn, please visit http://www.linkedin.com/company/inland-real-estate-corporation, or via Twitter at www.twitter.com/IRC_REIT.
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