OAK BROOK, IL (September 11, 2014) – Inland Real Estate Corporation (NYSE: IRC), a leading real estate investment trust that owns and operates high quality, necessity and value-based retail centers primarily in select markets within the Central United States, today announced that its joint venture with Dutch pension fund advisor PGGM has entered into a joint venture partnership with IBT Group, L.L.C. and Pine Tree Commercial Realty, L.L.C. to develop Pulaski Promenade, a power shopping center encompassing approximately 133,000 square feet of retail space, that will be located on the southwest side of the City of Chicago, Ill.
Pulaski Promenade’s in-line space is over 80 percent pre-leased to in-demand national retailers including Marshalls, Ross Dress for Less, Michaels, PetSmart and Shoe Carnival, with store openings anticipated in the spring of 2016. The center’s remaining available space and three outlot parcels are currently being marketed to complementary retail and restaurant users. Retailers at the center will benefit from its prominent location in a busy trade corridor that includes well-established Target and Pete’s Fresh Market stores.
“We are pleased to work with the City of Chicago and our joint venture partners on the Pulaski Promenade development, which will bring premier national retailers to a densely-populated community within the Chicago city limits,” said Scott Carr, chief investment officer for Inland Real Estate Corporation. “The property’s market position, high traffic volumes and strong demographics make it an attractive location for retailers looking to add new stores in infill areas with established population bases. In addition, the Pulaski Promenade project is an example of our strategy to utilize our relationships with local developers to construct high quality shopping centers that we expect to ultimately add to our portfolio at better than market pricing.”
Pulaski Promenade will be constructed on a 10.6-acre vacant land parcel located one-quarter mile south of Interstate 55, along Pulaski Road between 42nd Place and West 40th Street. The property benefits from high traffic volumes, with vehicles per day totaling 160,000 on I-55 and 41,400 on Pulaski Road. The shopping center will draw from a population base of 217,083 with average household incomes of $67,458 within a 3-mile radius.
The development partnership acquired the land in September after securing real estate entitlements and key anchor leases, a process begun approximately six years ago by IBT Group, L.L.C. Construction of Pulaski Promenade is expected to commence in October of this year. Upon completion of construction and stabilization of the center, IRC’s joint venture with PGGM will have the option to acquire 100 percent ownership in the property at a pre-negotiated purchase price. The IRC-PGGM joint venture is also working with Pine Tree Commercial Realty, L.L.C. and IBT Group, L.L.C. to develop Evergreen Promenade in Evergreen Park, Ill., which is expected to be completed before year end 2014.