MILWAUKEE—The Oak Brook-based Inland Real Estate Corporation, a real estate investment trust that focuses on buying retail property in the Midwest, has joined with its frequent partner PGGM, a Dutch pension fund advisor, to purchase three Walmart-anchored shopping centers in the Milwaukee area for a total purchase price of $24.2 million. The portfolio totals about 174,500-square-feet of retail space and was acquired from a regional developer in an off-market transaction.
“We continue to grow our platform through the acquisition of high-quality properties which strengthen the credit quality of our tenant base,” says Scott Carr, chief investment officer for Inland. “In addition, our ability to acquire these assets through our joint venture with PGGM allows us to leverage our partner's capital and achieve an attractive return on our equity.”
As reported in GlobeSt.com, several weeks ago the partners 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 suburban Chicago.
The Wisconsin portfolio includes the 62,307-square-foot Capital and 124th shopping center in Wauwatosa; the 71,927-square-foot Pilgrim Village shopping center in Menomonee Falls; and the 40,302-square-foot Timmerman Plaza in Milwaukee. The property details are as follows:
- A new 38,093-square-foot Walmart Neighborhood Market and a 13,000-square-foot Petco store anchor the 100% leased Capitol and 124th shopping center. Wauwatosa is located about eight miles northwest of downtown Milwaukee.
- A new 40,596-square-foot Walmart Neighborhood Market also anchors the 100% leased Pilgrim Village shopping center on a ground lease. Three outparcels were also included in the purchase. The city of Menomonee Falls is located approximately 14 miles northwest of downtown Milwaukee.
- A new Walmart Supercenter and a Pick 'n Save shadow anchor the Timmerman Plaza property in Milwaukee. The acquisition includes a 12,000-square-foot store leased to Dollar Tree and a recently renovated 28,300-square-foot multi-tenant retail building.
As of June 30, 2013, the company owned interests in 154 investment properties, including 40 owned through its unconsolidated joint ventures, with about 15-million-square-feet of aggregate leasable space.
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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.
