{"id":1004083615,"date":"2013-09-16T07:32:33","date_gmt":"2013-09-16T15:32:33","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=180086"},"modified":"2020-05-13T02:14:21","modified_gmt":"2020-05-13T10:14:21","slug":"inland-real-estate-pggm-acquire-3-retail-centers-for-24-2m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/inland-real-estate-pggm-acquire-3-retail-centers-for-24-2m\/","title":{"rendered":"Inland Real Estate, PGGM Acquire 3 Retail Centers for $24.2M"},"content":{"rendered":"

<\/p>\n

<\/p>\n

\"\"<\/a>by Adriana Pop, Associate Editor <\/span><\/em><\/p>\n

In an off-market transaction, a joint venture between Inland Real Estate Corp. and Dutch pension fund advisor PGGM has paid $24.2 million to acquire three Walmart-anchored shopping centers in the Milwaukee area. <\/span><\/span><\/p>\n

The 174,500-square-foot portfolio includes the 62,307-square-foot Capitol and 124th shopping center in Wauwatosa; the 71,927-square-foot Pilgrim Village shopping center in Menomonee Falls; and the 40,302-square-foot Timmerman Plaza in Milwaukee. According to The Business Journal<\/a><\/em>, Gatlin Development Co. built the three centers in 2010. <\/span><\/span><\/p>\n

\u201cWe continue to grow our platform through the acquisition of high-quality properties which strengthen the credit quality of our tenant base, as well as improve the diversification metrics and growth profile of our portfolio,\u201d said Inland Real Estate Corp. chief investment officer Scott Carr in a statement. \u201cIn addition, our ability to acquire these assets through our joint venture with PGGM allows us to leverage our partner\u2019s capital and achieve an attractive return on our equity, while retaining the option to increase our ownership interest in the future.\u201d <\/span><\/span><\/p>\n

In other acquisition news, BizTimes<\/a><\/em> reports that Badger Investments L.L.C. has purchased the 96-year-old Phoenix Building in Milwaukee\u2019s Third Ward neighborhood for $4.5 million. Phoenix Building L.L.C .was the seller of the 120,000-square-foot office property at 219-39 N. Milwaukee St. <\/span>Patrick Gallagher and Matson Holbrook of Siegel-Gallagher Inc. represented the buyer, while Jack Jacobson of NAI MLG Commercial represented the seller.<\/span><\/p>\n

Built in 1917 as a manufacturing facility for Phoenix Hosiery Co., the seven-story building was later converted to offices and is listed on the National Register of Historic Places. Its tenant roster includes the Historic Third Ward Association, the Richard & Ethel Herzfeld Foundation, U.S. Rep. Gwen Moore, Tory Folliard Gallery, Dickens Books, Culver Design, Eichenbaum & Associates, Stark Media and investment banking firm Grace-Mathews. <\/span><\/p>\n

“We love the Third Ward as it reminds us of SoHo in New York and River West in Chicago where old industrial areas of those cities were transformed into progressive areas to live and work,” Badger Investments co-owner Jim Swernoff told the newspaper. <\/span><\/p>\n

<\/span>Photo credits: Gatlin Development<\/span><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

In an off-market transaction, a joint venture between Illinois investor Inland Real Estate Corp. and Dutch pension fund advisor PGGM has paid $24.2 million to acquire three Walmart-anchored shopping centers in the Milwaukee area.<\/p>\n","protected":false},"author":1269,"featured_media":1004507017,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21742],"tags":[],"class_list":["post-1004083615","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-latest"],"acf":[],"yoast_head":"\nInland Real Estate, PGGM Acquire 3 Retail Centers for $24.2M - 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-real-estate-pggm-acquire-3-retail-centers-for-24-2m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Inland Real Estate, PGGM Acquire 3 Retail Centers for $24.2M\" \/>\n<meta property=\"og:description\" content=\"In an off-market transaction, a joint venture between Illinois investor Inland Real Estate Corp. and Dutch pension fund advisor PGGM has paid $24.2 million to acquire three Walmart-anchored shopping centers in the Milwaukee area.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/inland-real-estate-pggm-acquire-3-retail-centers-for-24-2m\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2013-09-16T15:32:33+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-05-13T10:14:21+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/03\/Pilgrim-Village-Menomonee-Falls.jpg?w=1024\" \/>\n\t<meta property=\"og:image:width\" content=\"1024\" \/>\n\t<meta property=\"og:image:height\" content=\"1024\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"the Editors of Commercial Property Executive\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/inland-real-estate-pggm-acquire-3-retail-centers-for-24-2m\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/inland-real-estate-pggm-acquire-3-retail-centers-for-24-2m\\\/\"},\"author\":{\"name\":\"the Editors of Commercial Property Executive\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/1b82b91678533ae5d40e3240086a42bb\"},\"headline\":\"Inland Real Estate, PGGM Acquire 3 Retail Centers for $24.2M\",\"datePublished\":\"2013-09-16T15:32:33+00:00\",\"dateModified\":\"2020-05-13T10:14:21+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/inland-real-estate-pggm-acquire-3-retail-centers-for-24-2m\\\/\"},\"wordCount\":353,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/inland-real-estate-pggm-acquire-3-retail-centers-for-24-2m\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2021\\\/03\\\/Pilgrim-Village-Menomonee-Falls.jpg\",\"articleSection\":[\"News\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/inland-real-estate-pggm-acquire-3-retail-centers-for-24-2m\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/inland-real-estate-pggm-acquire-3-retail-centers-for-24-2m\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/inland-real-estate-pggm-acquire-3-retail-centers-for-24-2m\\\/\",\"name\":\"Inland Real Estate, PGGM Acquire 3 Retail Centers for $24.2M - 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