Inland Real Estate Reports JV Purchased Portfolio of Three Walmart-Anchored Shopping Centers in Milwaukee for $24.2M
Inland Real Estate Corporation (NYSE: IRC) 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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