{"id":1004100110,"date":"2014-07-08T07:09:59","date_gmt":"2014-07-08T15:09:59","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=274179"},"modified":"2022-12-08T04:46:05","modified_gmt":"2022-12-08T12:46:05","slug":"inland-real-estate-corp-pggm-buy-phase-i-of-newport-pavilion","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/inland-real-estate-corp-pggm-buy-phase-i-of-newport-pavilion\/","title":{"rendered":"Inland Real Estate Corp., PGGM Buy Phase I of Newport Pavilion"},"content":{"rendered":"<p style=\"text-align: justify\"><em>By Adrian Maties, Associate Editor<\/em><\/p>\n<p style=\"text-align: justify\"><a href=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2014\/07\/Newport_Aerial_w_Graphics.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignright size-medium wp-image-274182\" title=\"Newport_Aerial_w_Graphics\" src=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2014\/07\/Newport_Aerial_w_Graphics.jpg\" alt=\"\" width=\"300\" height=\"198\" \/><\/a>Inland Real Estate Corporation is expanding its presence in metropolitan Cincinnati. In a joint venture with PGGM, a Dutch pension fund advisor, the REIT has acquired the first phase of Newport Pavilion, a 471,800-square-foot grocery-anchored power center in Newport, Ky. The property changed hands for $43.3 million in cash.<\/p>\n<p style=\"text-align: justify\">Newport Pavilion is located within one mile of downtown Cincinnati. Phase one consists of 222,300 square feet of retail space. According to Inland Real Estate, it was 98% leased at the time of the sale, to retailers such as Kroger Marketplace, PetSmart, Famous Footwear or Chic-fil-A. The center also includes a separately-owned 134,500-square-foot Target store.<\/p>\n<p style=\"text-align: justify\">According to a recent report from Marcus &amp; Millichap Real Estate Investment Services Inc., transaction volume in metropolitan Cincinnati&#8217;s multi-tenant retail sector has increased <a href=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2014\/07\/retcin.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignright size-medium wp-image-274181\" title=\"retcin\" src=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2014\/07\/retcin.jpg\" alt=\"\" width=\"300\" height=\"283\" \/><\/a> 50 percent over the past 12 months; the average price per square foot reached $165 at the end of the first quarter. The Inland Real Estate\u2013PGGM joint venture paid about $195 per square foot for Newport Pavilion&#8217;s first phase.<\/p>\n<p style=\"text-align: justify\">The joint venture expects to buy the second phase of the project for about $23.8 million. Phase two includes 115,000 square feet of space that will be occupied by such retailers as Dick\u2019s Sporting Goods, TJ Maxx and Buffalo Wild Wings.\u00a0The acquisition is expected to close before the end of the year.<\/p>\n<p style=\"text-align: justify\">\u201cNewport Pavilion is an outstanding addition to our necessity and value-based retail portfolio, representing best-in-class new power center development, with leading national retailers in a high-barrier-to-entry infill location,\u201d said Mark Zalatoris, president &amp; CEO of Inland Real Estate Corporation, in a statement.<\/p>\n<p style=\"text-align: justify\">\u201cOur acquisition of this \u2018Class A\u2019 Kroger-anchored power center in Ohio\u2019s largest metropolitan area enhances the geographic and tenant diversification of our portfolio, and represents an accretive re-deployment of proceeds from recent dispositions of non-core assets.\u201d<\/p>\n<address style=\"text-align: justify\"><em>Photo illustration: <\/em><a href=\"https:\/\/www.inlandrealestate.com\/\"><em>Inland Real Estate Corporation<\/em><\/a><\/address>\n<address style=\"text-align: justify\"><em>Charts courtesy of <\/em><a href=\"https:\/\/www.marcusmillichap.com\/\"><em>Marcus &amp; Millichap<\/em><\/a><em>.<\/em><\/address>\n","protected":false},"excerpt":{"rendered":"<p>Inland Real Estate Corporation is expending its presence in Cincinnati. In a joint venture with Dutch pension fund advisor PGGM, the real estate investment trust has acquired Phase I of Newport Pavilion, a 471,800-square-foot grocery-anchored power center in Newport, Kentucky. The retail property changed hands for $43.3 million in cash.<\/p>\n","protected":false},"author":925,"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":[39420,1815],"class_list":["post-1004100110","post","type-post","status-publish","format-standard","hentry","category-cincinnati","category-latest","tag-cincinnati","tag-national"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Inland Real Estate Corp., PGGM Buy Phase I of Newport Pavilion - 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-corp-pggm-buy-phase-i-of-newport-pavilion\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Inland Real Estate Corp., PGGM Buy Phase I of Newport Pavilion\" \/>\n<meta property=\"og:description\" content=\"Inland Real Estate Corporation is expending its presence in Cincinnati. In a joint venture with Dutch pension fund advisor PGGM, the real estate investment trust has acquired Phase I of Newport Pavilion, a 471,800-square-foot grocery-anchored power center in Newport, Kentucky. The retail property changed hands for $43.3 million in cash.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/inland-real-estate-corp-pggm-buy-phase-i-of-newport-pavilion\/\" \/>\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=\"2014-07-08T15:09:59+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-08T12:46:05+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2014\/07\/Newport_Aerial_w_Graphics.jpg\" \/>\n<meta name=\"author\" content=\"Adrian Maties\" \/>\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-corp-pggm-buy-phase-i-of-newport-pavilion\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/inland-real-estate-corp-pggm-buy-phase-i-of-newport-pavilion\\\/\"},\"author\":{\"name\":\"Adrian Maties\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/6dfc8d1c9006c9fd1c89d69133130109\"},\"headline\":\"Inland Real Estate Corp., PGGM Buy Phase I of Newport Pavilion\",\"datePublished\":\"2014-07-08T15:09:59+00:00\",\"dateModified\":\"2022-12-08T12:46:05+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/inland-real-estate-corp-pggm-buy-phase-i-of-newport-pavilion\\\/\"},\"wordCount\":322,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/inland-real-estate-corp-pggm-buy-phase-i-of-newport-pavilion\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/synd.yardi.com\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2014\\\/07\\\/Newport_Aerial_w_Graphics.jpg\",\"keywords\":[\"Cincinnati\",\"National\"],\"articleSection\":[\"Cincinnati\",\"News\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/inland-real-estate-corp-pggm-buy-phase-i-of-newport-pavilion\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/inland-real-estate-corp-pggm-buy-phase-i-of-newport-pavilion\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/inland-real-estate-corp-pggm-buy-phase-i-of-newport-pavilion\\\/\",\"name\":\"Inland Real Estate Corp., PGGM Buy Phase I of Newport Pavilion - 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