Inland Real Estate Corp. 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.