{"id":1004103633,"date":"2014-09-12T07:24:45","date_gmt":"2014-09-12T15:24:45","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004103633"},"modified":"2022-12-05T09:55:08","modified_gmt":"2022-12-05T17:55:08","slug":"inland-real-estate-pggm-to-develop-power-center-in-chicago","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/inland-real-estate-pggm-to-develop-power-center-in-chicago\/","title":{"rendered":"Inland Real Estate, PGGM to Develop Power Center in Chicago"},"content":{"rendered":"

By Barbra Murray, Contributing Editor<\/em><\/p>\n

Inland Real Estate Corp. and Dutch pension fund advisor PGGM are making another move with their four-year-old joint venture, teaming up with local partners IBT Group L.L.C. and Pine Tree Commercial Realty L.L.C. to develop Pulaski Promenade, a 133,000-square-foot power center on Chicago\u2019s southwest side.<\/p>\n

It\u2019s all about location, and the center\u2019s future site on Pulaski Road near I-55 offers location with a capital L. \u201cRetailer demand for space at Pulaski Promenade is driven by the dense population and immense amount of traffic in the area,\u201d Scott Carr, chief investment officer for IRC, told\u00a0Commercial Property Executive<\/i>. \u201cThe immediate trade area is under-retailed, and represents a prime opportunity for value-oriented, necessity-based retailers to serve an untapped customer base.\u201d<\/p>\n

Pulaski Promenade will sprout up on a nearly 11-acre vacant parcel of land that the partnership acquired this month following six years of legwork by IBT Group. The project is creating a great deal of buzz; already, it is 80 percent pre-leased, with the likes of Marshalls, Ross Dress for Less, Michaels, PetSmart and Shoe Carnival having signed on.<\/p>\n

\u201cExcluding the nearby Target and Pete’s Fresh market, the\u00a0 nearest comparable retail is over three miles away, which in a dense urban setting\u00a0 requires a great deal of drive time in stop and go traffic,\u201d Carr explained. \u201cPulaski Promenade will benefit the community by making everyday goods more accessible, and the retailers readily recognize the strength of this trade area.\u201d<\/p>\n

Construction is on track to commence in October, and reach completion in time for stores to open their doors to shoppers in spring 2016.<\/p>\n

Even as the IRC-PGGM joint venture and the IBT-Pine Tree team are getting started on Pulaski Promenade, the team is wrapping up another project, the 92,500-square-foot Evergreen Promenade in Evergreen Park, about 15 miles south of Chicago. Pulaski Promenade and Evergreen Promenade mark the only two development projects within the IRC-PGGM joint venture, and will ultimately be added to the portfolio of acquired assets, Carr noted. With the joint venture almost fully invested, the partners are \u00a0focusing on stabilized assets to round out the portfolio.<\/p>\n

For IRC\u2019s part, engaging in joint venture developments and acquiring stabilized assets in its upper Midwest and Southeastern target markets is part of its two-pronged plan. \u201cOur strategy is to enhance the yields of stabilized assets with the higher yields of development assets to provide our investors an avenue for growth with a higher blended return on investment,\u201d Carr concluded.<\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

Inland Real Estate Corp. and Dutch pension fund advisor PGGM are teaming up to develop Pulaski Promenade, a 133,000-square-foot power center on Chicago\u2019s southwest side.<\/p>\n","protected":false},"author":969,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1491,21782,21783,13,21742,21749],"tags":[39393],"class_list":["post-1004103633","post","type-post","status-publish","format-standard","hentry","category-chicago","category-development","category-investment","category-midwest","category-latest","category-retail","tag-chicago"],"acf":[],"yoast_head":"\nInland Real Estate, PGGM to Develop Power Center in Chicago - 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-to-develop-power-center-in-chicago\/\" \/>\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 to Develop Power Center in Chicago\" \/>\n<meta property=\"og:description\" content=\"Inland Real Estate Corp. and Dutch pension fund advisor PGGM are teaming up to develop Pulaski Promenade, a 133,000-square-foot power center on Chicago\u2019s southwest side.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/inland-real-estate-pggm-to-develop-power-center-in-chicago\/\" \/>\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=\"2014-09-12T15:24:45+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-05T17:55:08+00:00\" \/>\n<meta name=\"author\" content=\"Barbra Murray\" \/>\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-to-develop-power-center-in-chicago\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/inland-real-estate-pggm-to-develop-power-center-in-chicago\\\/\"},\"author\":{\"name\":\"Barbra Murray\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/d1edda962dd3af55af8a203870f9fc32\"},\"headline\":\"Inland Real Estate, PGGM to Develop Power Center in Chicago\",\"datePublished\":\"2014-09-12T15:24:45+00:00\",\"dateModified\":\"2022-12-05T17:55:08+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/inland-real-estate-pggm-to-develop-power-center-in-chicago\\\/\"},\"wordCount\":428,\"commentCount\":0,\"keywords\":[\"Chicago\"],\"articleSection\":[\"Chicago\",\"Development\",\"Investment\",\"Midwest\",\"News\",\"Retail\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/inland-real-estate-pggm-to-develop-power-center-in-chicago\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/inland-real-estate-pggm-to-develop-power-center-in-chicago\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/inland-real-estate-pggm-to-develop-power-center-in-chicago\\\/\",\"name\":\"Inland Real Estate, PGGM to Develop Power Center in Chicago - 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