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Inland Western Retail Picks Up 273,000-SF Retail Center

GREENBURG, IN-Kimco Realty Corp. and an institutional client of DRA Advisors sell Greenburg Commons for $23.7 million.

By Brian K. Miller | Updated on May 10, 2005

For more retail coverage, click GlobeSt.com/RETAIL.

GREENBURG, IN-The Greenburg Commons retail development is under new ownership. Inland Western Retail Real Estate Trust has acquired the 272,893-sf community center from Kimco Realty Corp. and an institutional client of DRA Advisors. Greensburg Commons was constructed in 1999 at the intersection of State Road 3 and Interstate 74. Tenants include Wal-Mart Supercenter, Staples, Goody’s, Blockbuster Video, Cato, Dollar Tree, Hibbett Sporting Goods, and Rent-A-Center. The property is 97% leased. Kimco and DRA list the sale price was $23.7 million. Inland Western Retail, a public but untraded REIT, says its total cost was $24.2 million. The in-place cap rate was in the mid 7% range, according to sources familiar with the transaction.CB Richard Ellis’ Robert Mahoney of the Oak Brook office brokered the transaction. Inland was represented in-house by Joe Cosenza of Inland Real Estate Acquisitions Inc.

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