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Inland Real Estate Corporation
today announced that its joint
venture with Dutch pension fund advisor PGGM has acquired a portfolio of three
Walmart-anchored shopping centers in the Milwaukee market for a total purchase
price of $24.2 million, subject to future earn out payments. The portfolio
totals approximately 174,500 square feet of retail space and was acquired from
a regional developer in an off-market transaction.
“We continue to grow our platform through the acquisition of high-quality
properties which strengthen the credit quality of our tenant base, as well as
improve the diversification metrics and growth profile of our portfolio,” said
Scott Carr, chief investment officer for Inland Real Estate Corporation. “In
addition, our ability to acquire these assets through our joint venture with
PGGM allows us to leverage our partner's capital and achieve an attractive
return on our equity, while retaining the option to increase our ownership
interest in the future.”
The portfolio includes the 62,307-square-foot Capital and 124^th shopping
center in Wauwatosa, Wis.; the 71,927-square-foot Pilgrim Village shopping
center in Menomonee Falls, Wis.; and the 40,302-square-foot Timmerman Plaza in
Milwaukee, Wis. The property details are as follows:
* The Capitol and 124^th shopping center is 100 percent leased and anchored
by a new 38,093-square-foot Walmart Neighborhood Market and a
13,000-square-foot Petco store. The city of Wauwatosa, Wis. is located
approximately eight miles northwest of downtown Milwaukee. The shopping
center is situated within a dense trade area, drawing from a population
base of approximately 77,600 with an average household income of nearly
$68,300 within a 3-mile radius.
* The 100 percent leased Pilgrim Village shopping center is anchored by a
new 40,596-square-foot Walmart Neighborhood Market on a ground lease, with
the balance of the center leased to a restaurant, hair salon and wine
shop. Also included in the purchase are three outparcels to be developed.
The city of Menomonee Falls is located approximately 14 miles northwest of
downtown Milwaukee. Pilgrim Village is well-located at the busy
intersection of Pilgrim Drive and Main Street next to Highway 45 and
supported by average household income of more than $75,000 within a
three-mile radius.
* The Timmerman Plaza property is shadow anchored by a new Walmart
Supercenter and a Pick N Save grocery store (Roundy's Inc.). Included in
the acquisition are a 12,000-square-foot store leased to Dollar Tree and a
recently renovated 28,300-square-foot multi-tenant retail building. The
property is located in the northwest corridor of Milwaukee and draws from
a population base of approximately 99,300 with average household income of
over $53,300 within a three-mile radius.
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