Inland Real Estate Corporation (IRC) recently announced that it has bought two retail properties in Ohio for a total consideration of approximately $109.4 million.
Of the two acquisitions, Fairview Park, Ohio-based Westgate Shopping Center was acquired for $73.4 million. Westgate Shopping Center was recently converted from an enclosed mall to an outdoor shopping center. The center spans approximately 474,000 square feet and enjoys occupancy of 94% with a mix of national and local tenants. The grocery-anchored center enjoys the benefit of being located in a densely populated suburban market.
Additionally, the company along with its joint venture partner PGGM acquired the Stone Creek Towne Center, a power center located in the Cincinnati market, for $36 million. The acquired center has approximately 142,800 square feet of leasable space. The power center is approximately 98% leased and has a wide variety of national tenants.
The strategic move by Inland Real Estate is expected to facilitate multiple asset acquisitions in the Midwest markets and increase its exposure in assets that generate strong returns thereby improving its operational and leasing efficiencies.
Inland Real Estate Corporation is a self-administered estate investment trust that owns and operates open-air neighborhood, community, power and lifestyle retail centers and single-tenant properties located primarily in the Midwestern United States.
Inland Real Estate currently retains a Zacks #3 Rank, which translates into a short-term Hold rating. We are also maintaining our long-term Neutral recommendation on the stock. One of its competitors, Kimco Realty Corporation (KIM) also holds a Zacks #3 Rank.
Read the full analyst report on IRC
Read the full analyst report on KIM
Source: http://www.zacks.com/stock/news/71254/Inland+Real+Estate+Acquires+Assets
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