OAK BROOK, IL—The Inland Real Estate Corporation, which owns and operates retail centers throughout the Midwest, has just renewed leases with Michaels Stores at four shopping centers located in Minnesota, Nebraska and Wisconsin. The leases will run for five years and total more than 88,000-square-feet. Inland recently told investors it has long-range plans to upgrade their portfolio through several strategies, including selling non-core properties, acquiring market-dominant Class A assets and replacing underperforming tenants.
“As a leading specialty retailer of arts, crafts, framing, floral, wall décor and seasonal merchandise, Michaels is a great retail category to have in our centers and a steady driver of consumer traffic,” says Kristi Rankin, senior vice president of Inland. “We are very pleased that this valued tenant has made a long-term commitment to these shopping centers.”
The renewals include Michaels locations at Mankato Heights Plaza in Mankato, Minn.; Riverdale Commons in Coon Rapids, Minn.; The Shoppes at Grayhawk in Omaha, Neb. and Pine Tree Plaza in Janesville, Wis.
The group of renewals continues a good run for Inland. In the first quarter of 2013, the company completed 97 leases for 607,506-square-feet, an increase of 62.1 percent over first quarter of last year, and the largest amount leased in a single quarter since the final one of 2010.
The company also sold the Oak Lawn Town Center, a 12,506-square-foot shopping center in Oak Lawn, IL, for $3.3 million; and the Quarry Outlot, a 9,650-square-foot multi-tenant building in Hodgkins, IL, also for $3.3 million. Inland stated that it recorded a total gain of $2.7 million on the sales and “expects to reinvest the sales proceeds into better quality retail centers with higher growth potential.”
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
