OAK BROOK, Ill.–(BUSINESSWIRE)–August 29, 2013– 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 in theMidwest, 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 to develop Evergreen Promenade, a 92,512 square foot, Mariano’s-anchored shopping center in the Village of Evergreen Park, Ill. Mariano’s, owned by Roundy’s, Inc., has signed a lease for approximately 75,000 square feet of space at the new center.
The Village of Evergreen Park is a well-established urban community surrounded by the City of Chicago to the north, south, and east. Evergreen Promenade will be constructed on a 7.0 acre vacant land parcel, acquired on August 20(th) by the development joint venture and located nearWestern Avenue on 95(th) Street, a major retail corridor in the trade area. The shopping center will draw from a population base of 225,400 with average household incomes of approximately $65,300 within a 3-mile radius.
Including the lease signed with Mariano’s, Evergreen Promenade is already over 80 percent pre-leased, with another 15 percent of the space currently in negotiation with other national retailers. The joint venture intends to begin construction on the center this fall and expects Mariano’s to open in the fall of 2014. Upon completion, the Company’s joint venture with PGGM will have the option to acquire 100 percent ownership in the shopping center.
“We are excited to work with our joint venture partners and the Village of Evergreen Park on this development,” said Scott Carr, Inland Real Estate Corporation’s chief investment officer. “Evergreen Promenade will provide expanded shopping options for the community and further enhance the vibrancy of the trade area. For Inland Real Estate Corporation, this project is another example of how we leverage our strong local relationships to capitalize on opportunities to increase the size and quality of our retail portfolio.”
About Inland Real Estate Corporation
Inland Real Estate Corporation is a self-administered and self-managed publicly traded real estate investment trust (REIT) that owns and operates open-air neighborhood, community, power and lifestyle retail centers and single-tenant properties located primarily in the Midwestern United States. As of June 30, 2013, the Company owned interests in 154 investment properties, including 40 owned through its unconsolidated joint ventures, with aggregate leasable space of approximately 15 million square feet. For additional information, including a copy of the Company’s supplemental financial information for the three and six months ended June 30, 2013, please visit www.inlandrealestate.com.
CONTACT: Inland Real Estate Corporation
Dawn Benchelt, Assistant Vice President/Investor Relations Director
Beth Hicks, Assistant Vice President/Marketing Director
SOURCE: Inland Real Estate Corporation
Copyright Business Wire 2013
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