OAK BROOK, Ill.--(BUSINESS WIRE)--Inland Real Estate Corporation (NYSE:IRC), a leading real estate investment trust that owns and operates high quality, necessity and value based retail centers in select markets in the Midwest, today announced that its joint venture with Dutch pension fund advisor PGGM has entered into a joint venture partnership with IBT Group, L.L.C. and Pine Tree Commercial Realty to develop Evergreen Promenade, a 92,512 square foot, Mariano’s-anchored shopping center in the Village of Evergreen Park, Ill. Mariano’s, owned by Roundy’s, Inc., has signed a lease for approximately 75,000 square feet of space at the new center.
“We are excited to work with our joint venture partners and the Village of Evergreen Park on this development”
The Village of Evergreen Park is a well-established urban community surrounded by the City of Chicago to the north, south, and east. Evergreen Promenade will be constructed on a 7.0 acre vacant land parcel, acquired on August 20th by the development joint venture and located near Western Avenue on 95th Street, a major retail corridor in the trade area. The shopping center will draw from a population base of 225,400 with average household incomes of approximately $65,300 within a 3-mile radius.
Including the lease signed with Mariano’s, Evergreen Promenade is already over 80 percent pre-leased, with another 15 percent of the space currently in negotiation with other national retailers. The joint venture intends to begin construction on the center this fall and expects Mariano’s to open in the fall of 2014. Upon completion, the Company’s joint venture with PGGM will have the option to acquire 100 percent ownership in the shopping center.
“We are excited to work with our joint venture partners and the Village of Evergreen Park on this development,” said Scott Carr, Inland Real Estate Corporation’s chief investment officer. “Evergreen Promenade will provide expanded shopping options for the community and further enhance the vibrancy of the trade area. For Inland Real Estate Corporation, this project is another example of how we leverage our strong local relationships to capitalize on opportunities to increase the size and quality of our retail portfolio.”
About Inland Real Estate Corporation
Inland Real Estate Corporation is a self-administered and self-managed publicly traded real estate investment trust (REIT) that owns and operates open-air neighborhood, community, power and lifestyle retail centers and single-tenant properties located primarily in the Midwestern United States. As of June 30, 2013, the Company owned interests in 154 investment properties, including 40 owned through its unconsolidated joint ventures, with aggregate leasable space of approximately 15 million square feet. For additional information, including a copy of the Company's supplemental financial information for the three and six months ended June 30, 2013, please visit www.inlandrealestate.com. To connect with Inland Real Estate Corporation via LinkedIn, please visit http://www.linkedin.com/company/inland-real-estate-corporation, or via Twitter at www.twitter.com/IRC_REIT.
Certain statements in this news release constitute "forward-looking statements" within the meaning of the Federal Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements that do not reflect historical facts and instead reflect our management's intentions, beliefs, expectations, plans or predictions of the future. Forward-looking statements can often be identified by words such as "believe," "expect," "anticipate," "intend," "estimate," "may," "will," "should" and "could." Examples of forward-looking statements include, but are not limited to, statements that describe or contain information related to matters such as management's intent, belief or expectation with respect to our financial performance, investment strategy or our portfolio, our ability to address debt maturities, our cash flows, our growth prospects, the value of our assets, our joint venture commitments and the amount and timing of anticipated future cash distributions. Forward-looking statements reflect the intent, belief or expectations of our management based on their knowledge and understanding of the business and industry and their assumptions, beliefs and expectations with respect to the market for commercial real estate, the U.S. economy and other future conditions. These statements are not guarantees of future performance, and investors should not place undue reliance on forward-looking statements. Actual results may differ materially from those expressed or forecasted in forward-looking statements due to a variety of risks, uncertainties and other factors, including but not limited to the factors listed and described under Item 1A "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2012, as filed with the Securities and Exchange Commission (the "SEC") on February 28, 2013 as they may be revised or supplemented by us in subsequent Reports on Form 10-Q and other filings with the SEC. Among such risks, uncertainties and other factors are market and economic challenges experienced by the U.S. economy or real estate industry as a whole, including dislocations and liquidity disruptions in the credit markets; the inability of tenants to continue paying their rent obligations due to bankruptcy, insolvency or a general downturn in their business; competition for real estate assets and tenants; impairment charges; the availability of cash flow from operating activities for distributions and capital expenditures; our ability to refinance maturing debt or to obtain new financing on attractive terms; future increases in interest rates; actions or failures by our joint venture partners, including development partners; and factors that could affect our ability to qualify as a real estate investment trust. The Company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results.