Inland to Develop Evergreen Promenade

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.