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Inland Real Estate Corporation Announces $28.6M Cash Acquisition Of Power Center In South Bend-Mishawaka, Indiana MSA

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Inland Real Estate Corporation (NYSE: IRC), a leading real estate investment trust that owns and operates high quality, necessity and value-based retail centers in select markets within the Central United States, today announced that its joint venture with PGGM has acquired the Princess City Plaza shopping center, located in Mishawaka, Indiana within the South Bend-Mishawaka MSA, for $28.6 million in cash, subject to future earnout payments.

Princess City Plaza (Mishawaka, IN) (Photo: Business Wire)
“Princess City Plaza is a Class-A power center, with a high quality tenant line up of national retailers and chain restaurants, situated in the vibrant University Park trade area near the University of Notre Dame,” said Mark Zalatoris, president and chief executive officer of Inland Real Estate Corporation. “These attributes, along with the center's high occupancy rate, make it an excellent acquisition for our PGGM joint venture portfolio. In addition, we expect to achieve increased operating efficiencies and leasing flexibility by leveraging our expanded presence in the trade area.”

Princess City Plaza encompasses 178,500 square feet of retail space, including ground leases, and is nearly 99 percent leased to leading national retailers and chain restaurants including Dick's Sporting Goods, Old Navy, PetSmart, Gordmans, Shoe Carnival, Noodles and Company, and Carrabba's Italian Grill, among others. The center is shadow-anchored by Whole Foods Market and Kohl's.

The city of Mishawaka is located in St. Joseph County, the second largest retail market in Indiana after Indianapolis. Princess City Plaza is well-positioned within the high-traffic University Park trade area less than three miles from the University of Notre Dame, which draws nearly 750,000 visitors annually spending over $92 million per year in the area. The power shopping center pulls from a population base of 161,000 with average household income of $59,500 within a five-mile radius.

Inland Real Estate Corporation first established a presence in the University Park trade area with its purchase in 2003 of University Crossings, a Target shadow-anchored power center which is 96 percent occupied and has a history of strong performance for the Company.

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