Inland Diversified Real Estate Trust Inc., a real estate investment trust (REIT) that is part of Oak Brook, Ill.-based The Inland Real Estate Group of Companies Inc., is buying the Shoppes at Prairie Ridge shopping center in Pleasant Prairie from Indianapolis-based Gershman Brown Crowley Inc., according to a commercial real estate source.
A spokesman for Inland declined to comment.
“Inland Diversified is still raising cash from investors,” said Inland spokesman Joel Cunningham. “I can’t make any comment until the deal is filed with the SEC.”
In May, Inland Diversified requested information about the Shoppes at Prairie Ridge from the Pleasant Prairie Village Board, and indicated that it planned to purchase the property.
The 364,310-square-foot Shoppes at Prairie Ridge was built in 2009 southeast of Highway 50 and 104th Avenue. Highway 50 is the major retail corridor in Kenosha County.
Tenants in the Shoppes at Prairie Ridge include Target (126,842 square feet), JCPenney (104,175 square feet), Dick’s Sporting Goods (50,000 square feet), PetSmart (20,000 square feet), Ulta Cosmetics (10,000 square feet) and Maurices (5,000 square feet).