Oak Brook, Ill.-based Inland Real Estate Corp. today announced that its joint venture with Dutch pension fund advisor PGGM has acquired a portfolio of three Walmart-anchored shopping centers in the Milwaukee market for a total purchase price of $24.2 million, subject to future earn out payments.
The portfolio totals approximately 174,500 square feet of retail space and was acquired from a regional developer in an off-market transaction.
The portfolio includes the 62,307-square-foot Capital and 124th shopping center in Wauwatosa.; the 71,927-square-foot Pilgrim Village shopping center in Menomonee Falls; and the 40,302-square-foot Timmerman Plaza in Milwaukee.
“We continue to grow our platform through the acquisition of high-quality properties which strengthen the credit quality of our tenant base, as well as improve the diversification metrics and growth profile of our portfolio,” said Scott Carr, chief investment officer for Inland. “In addition, our ability to acquire these assets through our joint venture with PGGM allows us to leverage our partner’s capital and achieve an attractive return on our equity, while retaining the option to increase our ownership interest in the future.”
Inland is a self-administered and self-managed publicly traded real estate investment trust (REIT) that owns and operates open-air neighborhood, community, power and lifestyle retail centers and single-tenant properties located primarily in the Midwestern United States.