Shoppes at Prairie Ridge sold for $23.8 million

Inland Real Estate Acquisitions Inc. announced Tuesday that it has purchased the Shoppes at Prairie Ridge shopping center in Pleasant Prairie for $23.8 million., or about $102 per square foot, from Indianapolis-based Gershman Brown Crowley Inc., on behalf of 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.

The Shoppes at Prairie Ridge was built in 2009 southeast of Highway 50 and 104th Avenue. Tenants in the shopping center include 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).

A 126,842-square-foot Target store in the shopping center was not included in the deal. The deal was for 232,815 square feet of retail space.
Highway 50 is the major retail corridor in Kenosha County.

“Illustrating Shoppes at Prairie Ridge’s excellent location, the Target store here is brand new, having relocated from a center down the road to take advantage of a superior location within a regional commercial hub,” said Mark Cosenza, vice president of Inland Real Estate Acquisitions. “The center sits next to St. Catherine’s Hospital, which employs around 2,100 people and generates a lot of traffic for the shopping center.”

The Shoppes at Prairie Ridge deal is the fourth major commercial real estate acquisition by Inland Real Estate in Wisconsin since late 2009. In June, Inland announced that it acquired the 48,403-square-foot Pick ‘n Save grocery store in Burlington for $8.1 million. In March, Inland announced that it acquired the 180,758-square-foot Village at Bay Park shopping center in Ashwaubenon for $16.7 million. In December, Inland announced that it purchased the 103,611-square-foot Pick ‘n Save store at N77 W14435 Appleton Ave. in Menomonee Falls for $20.7 million. In late 2009, Inland announced that it acquired the Grafton Commons shopping center in Grafton for $37 million.

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