MINNEAPOLIS—Inland Real Estate Corporation, a publicly-traded REIT that owns and operates retail centers in the Midwest, has just acquired, in a joint venture with its partner PGGM, the Dutch pension fund advisor, another neighborhood shopping center, this time in the Twin Cities region.
The partners paid $26.3 million in cash for Argonne Village, a 113,000-square-foot center in suburban Lakeville. A 71,800-square-foot Cub Foods grocery store anchors Argonne Village, which also rents out space to national retailers Dollar Tree, Taco Bell, Starbucks, FedEx Kinko's, Little Caesars Pizza, Great Clips and others. Cushman & Wakefield | NorthMarq represented Argonne Investments LLC in the sale of Argonne Village to IRC's joint venture.
“Argonne Village has all of the attributes we look for in a class A grocery-anchored center,” says Scott Carr, executive vice president and chief investment officer for Oak Brook, IL-based IRC. “The 100% leased center has a strategic location in a demographically-strong trade area and a high-quality tenant roster which includes Cub Foods, the market leading grocer in the Minneapolis-St. Paul market, and other high quality national and local tenants. In addition, the acquisition of Argonne Village strengthens our presence in the Twin Cities metro area, which enhances our leasing flexibility and operating efficiencies.”
IRC and PGGM have been fairly active buyers. As reported in GlobeSt.com, for example, the partners recently paid $43.3 million in cash for Phase I of Newport Pavilion, a 471,800-square-foot grocery-anchored power center in suburban Newport, KY, just across the Ohio River from downtown Cincinnati.
Argonne Village sits about 20 miles south of Minneapolis and according to Inland officials draws from an affluent population base of more than 40,500 with average household income in excess of $124,000 within a 3-mile radius. The property is just off of County Rd. 50 and I-35W, where an estimated 20,237 and 83,000 vehicles pass by, respectively, each day. And the city of Lakeville was named one of Money Magazine's “Top 100 Best Places to Live” in 2012.
As of September 30, 2014, IRC owned interests in 136 investment properties, including 31 owned through its unconsolidated joint ventures, with aggregate leasable space of about 15-million-square-feet.
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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.
