OAK BROOK, IL—The Inland Real Estate Corporation, a real estate investment trust that owns and operates retail centers in markets throughout the Midwest, along with their partner PGGM, a Dutch pension fund advisor, has just 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 shopping center in southwest suburban Evergreen Park. Mariano's Fresh Market, owned by Milwaukee-based Roundy's, Inc., will anchor the center and has signed a lease for about 75,000-square-feet.
The joint venture will construct the new center on a seven-acre parcel, acquired on August 20th, located near Western Ave. on 95th St., a major retail corridor in the area. The shopping center will draw from a population base of 225,400 with average household incomes of about $65,300 within a 3-mile radius.
Including the Mariano's lease, the team already has the center over 80% pre-leased, and has begun negotiating with other national retailers over another 15% of the space. They intend to begin construction this fall and expect Mariano's to open in the fall of 2014. Upon completion, Inland Real Estate Corp.'s joint venture with PGGM will have the option to acquire 100% ownership in the center.
“Evergreen Promenade will provide expanded shopping options for the community and further enhance the vibrancy of the trade area,” says Scott Carr, Inland Real Estate Corp.'s chief investment officer. “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.”
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 about 15-million-square-feet.
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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.
