Search
 

Inland Acquires Cedar Center for $25M

CLEVELAND—Inland buys another center, this time in an affluent Cleveland suburb, and got its equity for the deal by selling non-core assets.

By Brian J. Rogal | Updated on October 14, 2013

CLEVELAND—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 adviser, to purchase Cedar Center South, a 139,000-square-foot shopping center located in University Heights, a suburb of Cleveland, Ohio, for a purchase price of $24.9 million. A 45,300-square-foot Whole Foods grocery store – one of two serving all the eastern Cleveland metropolitan area- anchors the center.

“We are executing on our strategy to enhance the long-term growth potential of our portfolio through the acquisition of retail assets with credit-worthy tenancy, strong demographics and excellent market position,” says Scott Carr, chief investment officer for Inland. “Further, by acquiring the center through our PGGM joint venture, we are utilizing our capital efficiently and achieving an attractive return on investment.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.