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 in suburban Cleveland.
The partners paid $28.3 million for Creekside Commons, a 201,879 square-foot shopping center located in Mentor. The price included a $16.5 million mortgage loan on the property. The purchase follows quickly on the heels of the partners' $15.4 million acquisition of Cedar Center North, a 61,400 square-foot center in suburban South Euclid.
Inland tends to buy properties considered safe investments and Creekside certainly fits the bill. Kohl's helps anchor the center and tenants occupy a total of 99% of the space. Other anchors include Gordmans, Home Goods and Party City, and the other tenants include national retailers such as Five Below, Panera Bread, Payless Shoe Source, LensCrafters, Sally Beauty Supply, GNC and Great Clips, as well as a Longhorn Steakhouse on a ground-lease outparcel.
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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.
