REIT acquires Brownstones in Brookfield
Inland Real Estate Corp. today announced that its joint venture with PGGM has acquired the Brownstones Shopping Center in Brookfield for $24.1 million in cash.
The Brownstones, which is located at the intersection of Bluemound and Calhoun Roads, includes 137,800 square feet of retail space and is anchored by Metro Market, an upscale grocery concept from Roundy’s Supermarkets Inc.
Redeveloped in 2010, the center also is anchored by T.J.Maxx, and additional tenants include T.G.I. Friday’s, Verizon Wireless, Casual Male XL and Pearle Vision. The center is approximately 93.7 percent leased.
Oak Brook, Ill.-based Inland also acquired Elston Plaza, a grocery-anchored center located in Chicago, for $18.9 million.
"These assets are all firmly in line with the goals of the joint venture, which seeks to acquire grocery-anchored and community retail centers in strong locations within targeted Midwest markets," said Scott Carr, president of property management for Inland. "Including Elston Plaza and Brownstones Shopping Center, the joint venture has purchased seven assets with a total acquisition value of $141.3 million, bringing us more than halfway to the targeted goal of $270 million in new acquisitions for the venture."
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.
Marcus acquires Showtime Cinema in Franklin
Marcus Theatres, a division of The Marcus Corp., recently announced it will purchase the Showtime Cinema in Franklin out of receivership.
Marcus Theatres submitted the highest bid to purchase the theatre at an auction on Dec. 8. The 12-screen theatre is located at 8910 S. 102nd St., just west of Highway 100 on Loomis Road.
The purchase is expected to close on Wednesday, Dec. 14. Plans are for the theatre to be closed to the public on Thursday, Dec. 15, and reopen on Friday, Dec. 16, as a Marcus Theatres location.
“As one of the leading theatre exhibitors in the U.S., we bring high-quality motion pictures, concession products, amenities and exceptional services to moviegoers throughout the Midwest. We are happy to have the opportunity to keep Showtime Cinema open and to make it possible for Franklin-area patrons to continue to see the latest first-run movies. We look forward to making improvements to our newest Marcus Theatres location,” said Bruce Olson, president of Marcus Theatres.
Olson said there are no immediate plans for remodeling, but the theatre will receive some cosmetic changes in the coming months.
“The biggest improvement will be all new digital projection and sound systems. Under Marcus Theatres’ ownership, the theatre will retain the Showtime name and will benefit from the company’s established marketing programs and operating systems. The Showtime Cinema will offer Marcus Theatres’ extensive concession menu, including delicious popcorn, refreshing Pepsi soft drink products and a variety of candy and other snacks.”
Marcus Theatres’ policies and promotions will also go into effect, including its Spotlight movie nights on Wednesdays and Young at Heart senior showings on Fridays. Movies and showtimes will now be available at www.marcustheatres.com. Pricing will be similar to surrounding-area Marcus Theatres locations.
The financial details of the transaction were not disclosed.
