Inland Real Estate Corporation Announces Acquisition of Grocery-Anchored Retail Center in Chicago Metropolitan Area

Inland Real Estate Corporation IRC today announced that its joint venture with PGGM has acquired Red Top Plaza, a 151,840 square foot neighborhood shopping center located in the Village of Libertyville, a northern suburb of Chicago, Illinois. Red Top Plaza is anchored by SUPERVALU INC.'s Jewel-Osco, the leading grocery retailer in the Chicagoland area with a market share of 40 percent. In addition to Jewel-Osco, the property features a strong mix of national and regional retailers including Fifth Third Bank, Tuesday Morning, Edward Jones, L.A. Tan, Subway, Lou Malnati's Pizzeria and Hertz, among others. Red Top Plaza is the dominant grocery-anchored shopping center within a well-established, affluent trade area. The area's strong demographics include an average household income of approximately $116,600 and an estimated household population base of over 58,000 within a three-mile radius of the center, as well as a day-time office population of over 70,000 employees. The IRC-PGGM joint venture completed its all-cash acquisition of Red Top Plaza on June 2, 2011, for a purchase price of approximately $19.8 million, excluding closing costs and adjustments. The venture anticipates placing financing on the asset at leverage levels consistent with its existing business plan. To date, the IRC-PGGM venture has acquired four retail properties aggregating $84.8 million in asset acquisition value.