Inland/PGGM Buy Three Milwaukee Centers

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.”