CINCINNATI—Inland Real Estate Corporation, a publicly-traded REIT that owns and operates retail centers in the Midwest, and its joint venture partner PGGM, a Dutch pension fund advisor, have just bought another portion of Newport Pavilion, a 471,800-square-foot grocery-anchored power center located in Newport, Kentucky, an affluent suburb of Cincinnati. As reported in GlobeSt.com, the partners bought the center's 222,300-square-foot Phase I last summer for $43.3 million in cash, and just paid $23.6 million in cash for the 115,000-square-foot Phase II.

Kroger Marketplace, Michaels, PetSmart and Ulta anchor the Phase I portion of the center. Dick's Sporting Goods, TJ Maxx, Buffalo Wild Wings and others lease Phase II. Overall, tenants lease 96% of the space, not including a separately-owned 134,500-square-foot Target store.

“Newport Pavilion is well-positioned as the dominant power center in the trade area, with an outstanding tenant line-up of leading national retailers representing virtually every major retail category, in an infill, fortress location,” says Mark Zalatoris, president and chief executive officer of IRC. “In addition, the acquisition expands our presence in the Cincinnati market, furthering our strategic goal of growing our platform while simultaneously enhancing the diversification, quality and performance of the portfolio.”