OAK BROOK, Ill.--(BUSINESS WIRE)--Inland Real Estate Corporation (NYSE: IRC) today announced that its joint venture with Dutch pension fund advisor PGGM has acquired Phase I of Newport Pavilion, a 471,800-square-foot grocery-anchored power center, located in Newport, Kentucky, within one mile of downtown Cincinnati, Ohio, for $43.3 million in cash, subject to future earnout payments. Newport Pavilion Phase I comprises 222,300 square feet of retail space including ground leases, which is 98% leased to Kroger Marketplace, Michaels, PetSmart, Ulta, Famous Footwear, Chick-fil-A and others. The center includes a separately-owned 134,500-square-foot Target store.
“Newport Pavilion is an outstanding addition to our necessity and value-based retail portfolio, representing best-in-class new power center development, with leading national retailers in a high-barrier-to-entry infill location,” said Mark Zalatoris, president and chief executive officer of Inland Real Estate Corporation. “Our acquisition of this ‘Class A’ Kroger-anchored power center in Ohio’s largest metropolitan area enhances the geographic and tenant diversification of our portfolio, and represents an accretive re-deployment of proceeds from recent dispositions of non-core assets.”
Newport Pavilion Phase II, which includes approximately 115,000 square feet of GLA leased to Dick’s Sporting Goods, TJ Maxx, Buffalo Wild Wings and others, is under contract for approximately $23.8 million, subject to future earnout payments. The venture expects to close its acquisition of Newport Pavilion Phase II before year end 2014.
Newport Pavilion, situated in the heart of the Cincinnati-Middletown MSA, draws from a population base of nearly 107,000 with average household income of $56,700 within a 3-mile radius, plus an additional 250,000 daytime population working within a ten minute drive. The property has excellent visibility and access from Interstate 471, a major artery serving commuters from Northern Kentucky and Cincinnati’s eastern suburbs, and is the closest major retail center serving downtown Cincinnati and nearby affluent neighborhoods. Target, Kroger and the shop space adjacent to Kroger were built in 2010, and the balance of the completed retail space was constructed in 2013 and 2014.
About Inland Real Estate Corporation
Inland Real Estate Corporation is a self-advised and self-managed publicly traded real estate investment trust (REIT) focused on owning and operating open-air neighborhood, community and power shopping centers located in well-established markets primarily in the Central United States. As of March 31, 2014, the Company owned interests in 138 investment properties, including 29 owned through its unconsolidated joint ventures, with aggregate leasable space of approximately 15 million square feet. Additional information on Inland Real Estate Corporation is available at www.inlandrealestate.com. To connect with Inland Real Estate Corporation via LinkedIn, visit http://www.linkedin.com/company/inland-real-estate-corporation, or via Twitter at www.twitter.com/IRC_REIT.
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