The Shoppes at Prairie Ridge, a shopping center in Pleasant Prairie, is part of a 15-property retail real estate portfolio that Oak Brook, Ill.-based Inland Real Estate Income Trust Inc. is buying from Indianapolis-based Kite Realty Group Trust for $318 million, Inland and Kite announced today.
The Shoppes at Prairie Ridge is a 364,310-square-foot shopping center located at the southeast corner of Highway 50 and 104th Avenue in Pleasant Prairie. Tenants include: Target, JC Penney, Dick’s Sporting Goods, PetSmart and Ulta Cosmetics. The Target store is owned by Target, but the rest of the shopping center is being acquired by Inland.
Mid-America Real Estate Wisconsin will continue to market the Shoppes at Prairie Ridge.
The properties in the portfolio being acquired by Inland are located in eight states and also include the Fox Point Plaza, a 171,121-square-foot shopping center anchored by a Pick ‘n Save store in Neenah, and a Copps grocery store property in Stevens Point, both of which are also marketed by Mid-America Real Estate.
The portfolio deal is expected to close in two tranches on or before Dec. 15 and March 16, 2015.
In July, Kite Realty acquired Inland Diversified Real Estate Trust Inc. for $1.2 billion. Inland Diversified Real Estate Trust and Inland Real Estate Income Trust are both real estate investment trusts that were sponsored by Oak Brook, Ill.-based Inland Real Estate Investment Corp., but they are separate companies.
“Since well before the closing of the merger with Inland Diversified in early July, we have been diligently evaluating the geographic and demographic composition of our recently expanded portfolio,” said John Kite, chairman and CEO of Kite Realty. “The properties we will be selling to Inland (Real Estate) Income Trust represent assets that we consider to be non-core based upon our geographic objectives as we are looking for opportunities to increase our scale in select markets, consistent with our strategy. We look forward to redeploying the proceeds from these sales into assets that are more in line with our long-term strategic objectives and will add additional shareholder value.”