Inland Begins Pulaski Promenade

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.