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Last Updated ( Wednesday, 29 May 2013 20:06 )
DATE_FORMAT_LC2=Wednesday,May 29 2013 12:00:00 am EDT   
Inland Buys Partner's Interest in Portfolio for $121 Million

OrlandPlaceNEWSOak Brook, Ill. — Inland Real Estate Corp. has entered into an agreement with the New York State Teachers' Retirement System (NYSTRS) to acquire a 13-property Midwest retail portfolio for $121 million. Inland will acquire NYSTRS' 50 percent ownership in the IN Retail Fund LLC, a portfolio that consists of 11 neighborhoods, community and power shopping centers located in the Chicago area, one neighborhood retail center in a suburb of Minneapolis and one community retail center located near Racine, Wis. The properties total about 2.3 million square feet of gross leasable area, with an estimated fair value of approximately $395.6 million, according to Inland. Major properties in the portfolio include the 592,495-square-foot Orland Park Place in Orland Park, Ill.; the 216,485-square-foot Randall Square in Geneva, Ill. and the 207,452-square-foot Woodfield Commons in Schaumburg, Ill. The top five retail tenants based on annual base rent include: Roundy's (5.8 percent); Safeway (3.8 percent); AB Acquisitions (3.0 percent); CarMax (2.9 percent); and TJX Cos. (2.8 percent).

 

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