CLEVELAND—Inland Real Estate Corp., a publicly-traded REIT that owns and operates retail centers in the Midwest and the Southeast, has just acquired, in a joint venture with its partner PGGM, the Dutch pension fund advisor, another neighborhood shopping center, this time in suburban Cleveland.
The partners paid $15.4 million for Cedar Center North, a 61,400 square-foot shopping center located in South Euclid. PetSmart anchors the 90% leased center, which hosts other national retailers such as Panera, Starbucks, Five Guys, Chipotle, Jimmy Johns, Wing Stop, Sport Clips, Sprint and Huntington Learning Center.
“Cedar Center North is a vibrant, high-traffic center with a strong tenant base of in-demand retailers, restaurants and service providers, situated in an infill location with excellent demographics,” says Mark Zalatoris, the company's president and chief executive officer. “The acquisition complements our ownership of Cedar Center South and increases our footprint in the Cleveland area to five assets aggregating more than 651,000 square feet of high quality retail space.”
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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.
