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Inland Buys Multi-Level Retail Center for $29M

CHICAGO-Inland Real Estate Corp. acquires The Point at Clark, a 95,455-square-foot property, in an all-cash transaction.

By Jennifer Duell Popovec | Updated on July 20, 2010

CHICAGO-Inland Real Estate Corp. has acquired The Point at Clark, a multi-level retail center, for $28.8 million. The REIT purchased the 95,455-square-foot property in an all-cash transaction from Principal Real Estate Investors, the real estate arm of Principal Global Investors.

Principal Real Estate Investors acquired The Point at Clark in 2006 from an affiliate of Skokie, IL-based HSS Management Co. for a reported $37 million. “We are very pleased with the price we paid and the return we’ll get,” says to Scott Carr, president of Inland Commercial Property Management. He tells GlobeSt. Inland Real Estate priced the asset at a 7.8% cap rate.

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