Inland Acquires Cedar Center for $25M

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.”