Inland Real Estate Corporation Announces Acquisition of Creekside Commons in Cleveland MSA

OAK BROOK, Ill.--(BUSINESS WIRE)-- Inland Real Estate Corporation (NYSE: IRC) today announced that its joint venture with Dutch pension fund administrator PGGM has acquired the Creekside Commons shopping center, located in Mentor, Ohio, a suburb of Cleveland, for a purchase price of $28.3 million, excluding closing costs and adjustments. The 201,879-square-foot center is anchored by Kohl’s, Gordmans, Home Goods and Party City, and includes several other national retailers such as Five Below, Panera Bread, Payless Shoe Source, LensCrafters, Sally Beauty Supply, GNC and Great Clips, as well as a Longhorn Steakhouse on a ground-lease outparcel. Creekside Commons is 99% leased.

“Creekside Commons features a diverse tenant base of in-demand national retailers and a prime location in a major regional trade area, which draws from surrounding affluent neighborhoods as well as communities further east that have very limited retail options,” said Scott Carr, executive vice president and chief investment officer of Inland Real Estate Corporation. “Including Creekside Commons, we now own a portfolio of six high-quality shopping centers aggregating more than 853,000 square feet of leasable space within the greater Cleveland metropolitan area, a substantial presence that we can leverage to facilitate leasing and operating efficiencies. In total, we have an ownership interest in nine retail assets aggregating nearly 1.3 million square feet of retail space in the Cleveland and Cincinnati MSAs.”

Creekside Commons is located on Mentor Avenue, a primary retail corridor in Mentor, Ohio, a vibrant city and regional shopping destination which ranks seventh in the state in total retail sales. The area around Creekside Commons offers excellent demographics, with a population of approximately 46,000 with average household income over $83,300 within a three-mile radius, and more than 104,000 people with average household income of nearly $75,700 within five miles of the property.

The $28.3 million purchase price included a $16.5 million mortgage loan on the property, with a maturity date in 2024, which the venture assumed at closing. The IRC-PGGM venture maintains an overall leverage level of 40% to 50% on the portfolio, in accordance with the partnership agreement. Including Creekside Commons, the IRC-PGGM joint venture portfolio consists of 35 high-quality retail assets aggregating approximately 4.8 million square feet of owned gross leasable area.

About Inland Real Estate Corporation

Inland Real Estate Corporation is a self-advised and self-managed publicly traded real estate investment trust (REIT) focused on owning and operating open-air neighborhood, community and power shopping centers located in well-established markets in the Central and Southeastern United States. As of March 31, 2015, the Company owned interests in 134 fee simple investment properties, including 33 owned through its unconsolidated joint ventures, with aggregate leasable space of approximately 15 million square feet. Additional information on Inland Real Estate Corporation is available at www.inlandrealestate.com. To connect with Inland Real Estate Corporation via LinkedIn, visit http://www.linkedin.com/company/inland-real-estate-corporation, or via Twitter at www.twitter.com/IRC_REIT.

Certain information in this supplemental information may constitute "forward-looking statements" within the meaning of the Federal Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements that do not reflect historical facts and instead reflect our management's intentions, beliefs, expectations, plans or predictions of the future. Forward-looking statements can often be identified by words such as "seek," “believe,” “expect,” “anticipate,” “intend,” “estimate,” “may,” “will,” “should” and “could.” Examples of forward-looking statements include, but are not limited to, statements that describe or contain information related to matters such as management's intent, belief or expectation with respect to our financial performance, investment strategy or our portfolio, our ability to address debt maturities, our cash flows, our growth prospects, the value of our assets, our joint venture commitments and the amount and timing of anticipated future cash distributions. Forward-looking statements reflect the intent, belief or expectations of our management based on their knowledge and understanding of our business and industry and their assumptions, beliefs and expectations with respect to the market for commercial real estate, the U.S. economy and other future conditions. Forward-looking statements are not guarantees of future performance, and investors should not place undue reliance on them. Actual results may differ materially from those expressed or forecasted in forward-looking statements due to a variety of risks, uncertainties and other factors, including but not limited to the risks listed and described under Item 1A”Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2014, as filed with the Securities and Exchange Commission (the “SEC”) on February 27, 2015, as they may be revised or supplemented by us in subsequent Reports on Form 10-Q and other filings with the SEC. Except as otherwise required by applicable law, the Company disclaims any obligation or undertaking to publicly release any updates or revisions to any forward-looking statement in this release to reflect any change in the Company's expectations or any change in events, conditions or circumstances on which any such statement is based.

Photos/Multimedia Gallery Available: http://www.businesswire.com/multimedia/home/20150511005083/en/

Inland Real Estate Corporation
Dawn Benchelt, Director of Investor Relations
(630) 218-7364
[email protected]

Source: Inland Real Estate Corporation

You May Also Be Interested In

• Fisker (FSR) files form 10-K, sees more job cuts, reiterates going concern doubts
• LuxUrban Hotels (LUXH) Files $50M Mixed Shelf
• Genco Shipping & Trading Limited (GNK) Sends Letter to Shareholders