CHICAGO—Inland Real Estate Corporation, a publicly traded real estate investment trust that primarily owns and operates Midwestern retail centers, and its joint venture partner the Dutch pension fund advisor PGGM have just started another joint venture partnership with IBT Group, LLC and Pine Tree Commercial Realty, LLC to develop Pulaski Promenade, a power shopping center which will have about 133,000-square-feet of retail space, on the southwest side of Chicago.
The developers will construct Pulaski Promenade on a 10.6-acre vacant land parcel located one-quarter mile south of I-55, along Pulaski Rd. between 42nd Pl. and West 40th St. The partners have already pre-leased more than 80% of the center's in-line space to several national retailers including Marshalls, Ross Dress for Less, Michaels, PetSmart and Shoe Carnival. Officials with the joint venture expect the stores to open in the spring of 2016. They plan to market the center's remaining available space and three outlot parcels to other retail and restaurant users.
“The property's market position, high traffic volumes and strong demographics make it an attractive location for retailers looking to add new stores in infill areas with established population bases,” says Scott Carr, chief investment officer for Inland Real Estate Corporation. “In addition, the Pulaski Promenade project is an example of our strategy to utilize our relationships with local developers to construct high quality shopping centers that we expect to ultimately add to our portfolio at better than market pricing.”
The development partnership acquired the land in September after securing the key anchor leases. The project was begun about six years ago by IBT Group. The group plans to begin construction in October of this year, and after it finishes and stabilizes the property, IRC's joint venture with PGGM will have the option to acquire 100% ownership at a pre-negotiated price. As reported in GlobeSt.com, the IRC-PGGM joint venture is also working with Pine Tree Commercial Realty, LLC and IBT Group, LLC to develop Evergreen Promenade in suburban Evergreen Park and expect to complete it before the end of the year.
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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.
