Inland Real Estate Corporation Acquires Mokena Marketplace in Mokena, Ill.

OAK BROOK, Ill.--()--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.

Certain statements in this news release constitute "forward-looking statements" within the meaning of the Federal Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements that do not reflect historical facts and instead reflect our management's intentions, beliefs, expectations, plans or predictions of the future. Forward-looking statements can often be identified by words such as "believe," "expect," "anticipate," "intend," "estimate," "may”," "will”," "should" and "could." Examples of forward-looking statements include, but are not limited to, statements that describe or contain information related to matters such as management's intent, belief or expectation with respect to our financial performance, investment strategy or our portfolio, our ability to address debt maturities, our cash flows, our growth prospects, the value of our assets, our joint venture commitments and the amount and timing of anticipated future cash distributions. Forward-looking statements reflect the intent, belief or expectations of our management based on their knowledge and understanding of the business and industry and their assumptions, beliefs and expectations with respect to the market for commercial real estate, the U.S. 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 forward-looking statements due to a variety of risks, uncertainties and other factors, including but not limited to the factors listed and described under Item 1A"Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2012, as filed with the Securities and Exchange Commission (the "SEC") on February 28, 2013 as they may be revised or supplemented by us in subsequent Reports on Form 10-Q and other filings with the SEC. Among such risks, uncertainties and other factors are 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; the outcome of the litigation surrounding Algonquin Commons; the ability of the Company and MAB American Retail Partners, LLC to identify and agree upon profitable development sites and factors that could affect our ability to qualify as a real estate investment trust. The Company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results.

Contacts

Inland Real Estate Corporation Contact:
Dawn Benchelt, Assistant Vice President & Director of Investor Relations
(630) 218-7364
ir@inlandrealestate.com

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Contacts

Inland Real Estate Corporation Contact:
Dawn Benchelt, Assistant Vice President & Director of Investor Relations
(630) 218-7364
ir@inlandrealestate.com