Inland Completes Cincinnati Retail Buy

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.