From Earlier: Inland Real Estate Corporation Announces Acquisition of Two Ohio Shopping Centers

Inland Real Estate Corporation

yesterday announced the acquisition of two retail properties in Ohio for an aggregate purchase price of approximately $109.4 million, excluding closing costs and adjustments. On March 6, the Company purchased for its own portfolio the Westgate Shopping Center, a grocery-anchored power center located in Fairview Park, Ohio, for $73.4 million. In addition, on February 29 the Company acquired through its joint venture with PGGM the Stone Creek Towne Center, a power center located in the Cincinnati market, for $36 million. Westgate Shopping Center is the dominant grocery-anchored power center in a densely populated trade area. Formerly an enclosed mall, Westgate was recently redeveloped into one of the region's premier outdoor shopping destinations. The center totals approximately 474,000 square feet of gross leasable area (

), including a 119,700-square-foot Lowe's Home Improvement store on a ground lease. In addition to Lowe's, anchor tenants at the center include a 94,500-square-foot Kohl's and regional specialty grocer, Earth Fare. A balanced variety of national and local tenants fill out the tenant roster, among them Marshalls, Petco, Famous Footwear, Five Below and Ulta Beauty, along with restaurants such as Buffalo Wild Wings, Chick-Fil-A and Five Guys Burgers. The center's excellent visibility and infill location in an affluent suburban market contribute to its 94 percent occupancy rate. The Company simultaneously closed a 10-year interest only, 4.9 percent fixed rate mortgage loan of $40.4 million on the property.