Inland Buys Prairie Crossing for $24M

OAK BROOK, IL—Inland Real Estate Corporation, a publicly-traded REIT that owns and operates retail centers in the Midwest, continues to focus its attention and money on affluent suburbs southwest of Chicago. The company just acquired Prairie Crossings in Frankfort, IL, about 30 miles southwest of Chicago, for $24.7 million in cash, its second major retail acquisition in that area this year. As reported in GlobeSt.com, Inland recently purchased the Mokena Marketplace in nearby Mokena for $13.7 million in cash.

Its new acquisition has about 109,000-square-feet, including over 83,000-square-feet of inline retail space plus two multi-tenant outlot buildings. Tenants currently occupy 99% of the property and include several national retailers such as Bed Bath & Beyond, Sports Authority and Office Depot. A separately-owned Kohl’s store shadow anchors the center. A group of in-demand retailers, restaurants and service providers also rent space including Famous Footwear, Panera Bread, Chipotle, Red Mango, Game Stop, Sleepy’s, Massage Envy and Spa, and Hair Cuttery, among others.