{"id":1004052147,"date":"2012-03-19T08:29:01","date_gmt":"2012-03-19T16:29:01","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=39854"},"modified":"2020-04-07T10:00:33","modified_gmt":"2020-04-07T18:00:33","slug":"inland-buys-stone-creek-towne-center","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/inland-buys-stone-creek-towne-center\/","title":{"rendered":"Inland Buys Stone Creek Towne Center"},"content":{"rendered":"

\"\"<\/a>Inland Real Estate Corp. (NYSE: IRC) recently acquired a Cincinnati power center. It paid $36 million for Stone Creek Towne Center\u00a0on Feb. 29, purchasing it through its joint venture with PGGM.<\/p>\n

Stone Creek Towne Center is located between Interstate 275 and Colerain Avenue, in <\/em>Colerain Township. The four-year-old, 540,000-square-foot shopping center features <\/em>142,800 square feet of leaseable space and is 98 percent leased. Anchored by Bed, Bath & Beyond, Old Navy and Best Buy, it also includes other national tenants, such as Rue 21, Lane Bryant, Five Guys Burgers, The Men\u2019s Warehouse and Starbucks. Meijer, JC Penney and <\/em>Toys \u201cR\u201d Us operate company-owned stores at the center that were not included in the sale.<\/p>\n

The 68-acre center features two miles of lighted walking\/bike trails connecting it to the Government Complex.\u00a0 It was developed by Bellevue-based Brandicorp and Trinity <\/em>Development Co. of Knoxville, Tenn.<\/p>\n

The venture secured a 10-year mortgage loan of $19.8 million at a fixed rate of 5 percent.<\/p>\n

Inland also recently acquired Turfway Commons, a community center located in Florence, Ky., a Cincinnati suburb, as well as \u00a0Westgate Shopping Center, a grocery-anchored power center in the Cleveland area (for more on this, visit the Cleveland city page<\/a>)<\/em>. \u201cThe purchase of these properties is in line <\/em>with our plan to acquire multiple assets in targeted Midwest markets as a way to facilitate operational and leasing efficiencies.\u201d said Scott Carr, executive vice president & chief investment officer, in a press release.<\/p>\n

Inland is a self-managed, publicly traded real estate investment <\/em>trust based in Oak Brook, Ill. It acquires, owns and manages neighborhood, community, power and lifestyle retail centers and single-tenant properties located primarily in the Midwestern United States. As of Dec. 31,2011, the company owns interests in and manages 146 properties, with approximately 14 million square feet of real estate <\/em>totaling\u00a0nearly $1.8 billion in asset acquisition value.<\/p>\n

 <\/p>\n

Photo courtesy of <\/em>https:\/\/www.brandicorp.com\/<\/em><\/a>.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Inland Real Estate Corp. (NYSE: IRC) recently acquired a Cincinnati power center. It paid $36 million for Stone Creek Towne Center\u00a0on Feb. 29, purchasing it through its joint venture with PGGM.
\nStone Creek Towne Center is located between Interstate 275 and […]<\/p>\n","protected":false},"author":1269,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1583,21742],"tags":[],"class_list":["post-1004052147","post","type-post","status-publish","format-standard","hentry","category-cincinnati","category-latest"],"acf":[],"yoast_head":"\nInland Buys Stone Creek Towne Center - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/inland-buys-stone-creek-towne-center\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Inland Buys Stone Creek Towne Center\" \/>\n<meta property=\"og:description\" content=\"Inland Real Estate Corp. 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