{"id":1004102753,"date":"2014-08-25T07:38:24","date_gmt":"2014-08-25T15:38:24","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004102753"},"modified":"2022-12-08T13:34:45","modified_gmt":"2022-12-08T21:34:45","slug":"inland-real-estate-jv-picks-up-180ksf-princess-plaza-in-indiana","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/inland-real-estate-jv-picks-up-180ksf-princess-plaza-in-indiana\/","title":{"rendered":"Inland Real Estate JV Picks Up 180KSF Princess Plaza in Indiana"},"content":{"rendered":"<p><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/08\/Princess-City-Plaza-Mishawaka-IN_original-size.jpg\"><img loading=\"lazy\" decoding=\"async\" data-attachment-id=\"1004102759\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/inland-real-estate-jv-picks-up-180ksf-princess-plaza-in-indiana\/princess-city-plaza-mishawaka-in_original-size\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/08\/Princess-City-Plaza-Mishawaka-IN_original-size.jpg\" data-orig-size=\"500,270\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;5.6&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;DMC-ZS8&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;1397047136&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;4.3&quot;,&quot;iso&quot;:&quot;100&quot;,&quot;shutter_speed&quot;:&quot;0.0015625&quot;,&quot;title&quot;:&quot;&quot;}\" data-image-title=\"Princess City Plaza, Mishawaka, IN_original size\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/08\/Princess-City-Plaza-Mishawaka-IN_original-size.jpg?w=500\" class=\"alignright size-thumbnail wp-image-1004102759\" alt=\"Princess City Plaza, Mishawaka, IN_original size\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/08\/Princess-City-Plaza-Mishawaka-IN_original-size.jpg\" width=\"150\" height=\"150\" \/><\/a>By Barbra Murray, Contributing Editor<\/p>\n<p>Inland Real Estate Corp. and Dutch pension fund advisor PGGM add another asset to their portfolio with the acquisition of the Princess City Plaza in Mishawaka, Ind. The four-year-old joint venture, which targets grocery-anchored and community retail centers in the Midwest, purchased the 178,500-square-foot shopping center with cold hard cash.<\/p>\n<p>Princess City doesn\u2019t carry a big-ticket price tag\u00a0\u2014\u00a0it sold for $28.6 million\u00a0\u2014 and\u00a0it doesn\u2019t sit in a big-ticket metropolitan destination, but it does have some of the big-ticket features that attract the investment community: high occupancy and a solid market. The property, built in 1998, is 99 leased to a roster of tenants that includes Dick\u2019s Sporting Goods, Old Navy and PetSmart, as well as shadow anchors Whole Foods Market and Kohl\u2019s.<\/p>\n<p>And then there\u2019s the location. Just a few miles outside of South Bend, Princess City Plaza sits within the bustling University Park trade area near the University of Notre Dame. Additionally, the property benefits from its position within St. Joseph County, which is second only to Indianapolis as the second-largest retail market in the state of Indiana.<\/p>\n<p>Inland and PGGM\u2019s purchase of Princess City Plaza comes roughly one month after the joint venture\u2019s $43.3 million acquisition of the first phase of the 471,800-square-foot Newport Pavilion grocery-anchored center in Newport Kentucky, just a stone\u2019s throw from Cincinnati. \u201cWith (the Newport Pavilion) acquisition, to date we\u2019ve acquired $681 million of assets for our joint venture with PGGM,\u201d Mark Zalatoris, president &amp; CEO of Inland, said during the REIT\u2019s earnings conference call in August. \u201cAt full investment, the PGGM joint venture portfolio is expected to total $800 million to $900 million in gross asset value and provides us with a captive acquisitions pipeline of high-quality properties and infill locations.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Inland Real Estate Corp. and Dutch pension fund advisor PGGM add another asset to their portfolio with the acquisition of the Princess City Plaza in Mishawaka, Ind. <\/p>\n","protected":false},"author":969,"featured_media":1004102759,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21808,21783,13,21742,21749],"tags":[],"class_list":["post-1004102753","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-investment","category-midwest","category-latest","category-retail"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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