{"id":1004105398,"date":"2014-10-09T11:11:40","date_gmt":"2014-10-09T19:11:40","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=298026"},"modified":"2022-12-06T16:49:18","modified_gmt":"2022-12-07T00:49:18","slug":"inland-real-estate-corp-pays-25m-for-prairie-crossings-shopping-center-in-frankfort-il-2","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/inland-real-estate-corp-pays-25m-for-prairie-crossings-shopping-center-in-frankfort-il-2\/","title":{"rendered":"Inland Real Estate Corp. Pays $25M for Prairie Crossings Shopping Center in Frankfort, IL"},"content":{"rendered":"<p><em>By Ioana Neamt, Associate Editor<\/em><\/p>\n<div id=\"attachment_298027\" class=\"wp-caption alignleft\" style=\"width: 160px\"><a href=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2014\/10\/Prairie_Crossings_Aerial.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"size-thumbnail wp-image-298027\" title=\"Prairie Crossings\" src=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2014\/10\/Prairie_Crossings_Aerial.jpg\" alt=\"\" width=\"150\" height=\"150\" \/><\/a><\/p>\n<p class=\"wp-caption-text\">Prairie Crossings Shopping Center<\/p>\n<\/div>\n<p>Illinois-based REIT Inland Real Estate Corporation, a company with $2.9 billion in assets under management and a substantial presence in the Chicago retail market, recently announced the acquisition of a power shopping center in Frankfort, Ill. The company purchased the Prairie Crossings shopping center for $24.7 million in cash, according to a news release.<\/p>\n<p>Inland\u2019s latest acquisition offers about 109,000 square feet of leasable space, with more than 83,000 square feet of inline retail space and two multi-tenant outlot buildings. Prairie Crossings currently houses a number of national retailers like Bed Bath &amp; Beyond, Office Depot, Sports Authority, Panera Bread, Chipotle, Red Mango, Famous Footwear, Game Stop, and Hair Cuttery among many others.<\/p>\n<p>Located roughly 30 miles southwest of downtown Chicago, the Prairie Crossings shopping center serves the communities of Frankfort, Mokena and New Lenox and draws clients from a population base of about 95,100.<\/p>\n<p>\u201cPrairie Crossing\u2019s high quality roster of national retailers, attractive market position and solid demographic profile make the center a perfect fit for our portfolio,\u201d said Scott Carr, executive vice president and chief investment officer for Inland Real Estate Corp. \u201cOur acquisition of Prairie Crossings, following our purchase of the neighboring Mokena Marketplace earlier this year, expands our presence in this vibrant regional submarket.\u201d<\/p>\n<p>Inland\u2019s expansive retail portfolio consists of high quality shopping centers in strong geographic markets such as the Chicago and Minneapolis metropolitan areas, and currently holds interests in 135 properties totaling roughly 15 million square feet of gross leasable area.<\/p>\n<p>\u201cOur strategy of owning multiple assets within a trade area provides leasing flexibility to merchandise our centers with the optimal mix of tenants, enhancing consumer traffic across all of our properties in this market,\u201d Scott Carr explained.<\/p>\n<p><em>Image courtesy of Inland Real Estate Corporation<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Illinois-based real estate investment trust (REIT) Inland Real Estate Corporation, a company with $2.9 billion in assets under management and a substantial presence in the Chicago retail market, recently announced the acquisition of a power shopping center in Frankfort, Ill.<\/p>\n","protected":false},"author":192,"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":[1491,21742],"tags":[],"class_list":["post-1004105398","post","type-post","status-publish","format-standard","hentry","category-chicago","category-latest"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Inland Real Estate Corp. Pays $25M for Prairie Crossings Shopping Center in Frankfort, IL - 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-pays-25m-for-prairie-crossings-shopping-center-in-frankfort-il-2\/\" \/>\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. Pays $25M for Prairie Crossings Shopping Center in Frankfort, IL\" \/>\n<meta property=\"og:description\" content=\"Illinois-based real estate investment trust (REIT) Inland Real Estate Corporation, a company with $2.9 billion in assets under management and a substantial presence in the Chicago retail market, recently announced the acquisition of a power shopping center in Frankfort, Ill.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/inland-real-estate-corp-pays-25m-for-prairie-crossings-shopping-center-in-frankfort-il-2\/\" \/>\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=\"2014-10-09T19:11:40+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-07T00:49:18+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2014\/10\/Prairie_Crossings_Aerial.jpg\" \/>\n<meta name=\"author\" content=\"Ioana Neamt\" \/>\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\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/inland-real-estate-corp-pays-25m-for-prairie-crossings-shopping-center-in-frankfort-il-2\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/inland-real-estate-corp-pays-25m-for-prairie-crossings-shopping-center-in-frankfort-il-2\/\",\"name\":\"Inland Real Estate Corp. 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