OAK BROOK, Ill.--(BUSINESS WIRE)--Inland Real Estate Corporation (NYSE: IRC), a leading real estate investment trust that owns and operates high quality, necessity and value-based retail centers primarily in select markets within the Central United States, today announced that its joint venture with Dutch pension fund advisor PGGM has entered into a joint venture partnership with IBT Group, LLC and Pine Tree Commercial Realty, LLC to develop Pulaski Promenade, a power shopping center encompassing approximately 133,000 square feet of retail space, that will be located on the southwest side of the City of Chicago, Ill.
Pulaski Promenade’s in-line space is over 80 percent pre-leased to in-demand national retailers including Marshalls, Ross Dress for Less, Michaels, PetSmart and Shoe Carnival, with store openings anticipated in the spring of 2016. The center’s remaining available space and three outlot parcels are currently being marketed to complementary retail and restaurant users. Retailers at the center will benefit from its prominent location in a busy trade corridor that includes well-established Target and Pete’s Fresh Market stores.
“We are pleased to work with the City of Chicago and our joint venture partners on the Pulaski Promenade development, which will bring premier national retailers to a densely-populated community within the Chicago city limits,” said Scott Carr, chief investment officer for Inland Real Estate Corporation. “The property’s market position, high traffic volumes and strong demographics make it an attractive location for retailers looking to add new stores in infill areas with established population bases. In addition, the Pulaski Promenade project is an example of our strategy to utilize our relationships with local developers to construct high quality shopping centers that we expect to ultimately add to our portfolio at better than market pricing.”
Pulaski Promenade will be constructed on a 10.6-acre vacant land parcel located one-quarter mile south of Interstate 55, along Pulaski Road between 42nd Place and West 40th Street. The property benefits from high traffic volumes, with vehicles per day totaling 160,000 on I-55 and 41,400 on Pulaski Road. The shopping center will draw from a population base of 217,083 with average household incomes of $67,458 within a 3-mile radius.
The development partnership acquired the land in September after securing real estate entitlements and key anchor leases, a process begun approximately six years ago by IBT Group, LLC. Construction of Pulaski Promenade is expected to commence in October of this year. Upon completion of construction and stabilization of the center, IRC’s joint venture with PGGM will have the option to acquire 100 percent ownership in the property at a pre-negotiated purchase price. The IRC-PGGM joint venture is also working with Pine Tree Commercial Realty, LLC and IBT Group, LLC to develop Evergreen Promenade in Evergreen Park, Ill., which is expected to be completed before year end 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 June 30, 2014, the Company owned interests in 135 investment properties, including 31 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.
Certain information in this supplemental information may 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 "seek," “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 our 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. Forward-looking statements are not guarantees of future performance, and investors should not place undue reliance on them. 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 risks listed and described under Item 1A”Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2013, as filed with the Securities and Exchange Commission (the “SEC”) on February 28, 2014, as they may be revised or supplemented by us in subsequent Reports on Form 10-Q and other filings with the SEC. Except as otherwise required by applicable law, the Company disclaims any obligation or undertaking to publicly release any updates or revisions to any forward-looking statement in this release to reflect any change in the Company's expectations or any change in events, conditions or circumstances on which any such statement is based.
