Inland Renews Leases with Michaels

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.”