Inland and PGGM Acquire Creekside Commons

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.