Inland Real Estate Corp., through its joint venture with a client advised by Morgan Stanley Real Estate, announced its acquisition of Algonquin Commons for $154 million.
The 565,000-square-foot lifestyle and power center is located in Algonquin, Ill., a suburb located northwest of Chicago, at the southwest corner of Randall Road and County Line Road, near Interstate 90 (Northwest Tollway).
“The acquisition of Algonquin Commons represents our first transaction of a lifestyle property and we are very excited about this because it complements the high-quality open-air retail centers we already own in Chicagoland,” said Mark Zalatoris, chief operating officer for Inland Real Estate Corp. “Algonquin Commons also furthers our dominance in the Chicago-area retail market and the location has strong retail demographics, consistent with our strategy. Since inception, we have now acquired $280 million in properties through this joint venture.”
Algonquin Commons opened in October 2004 and was 99 percent leased at the time of sale to several national specialty tenants, including Ann Taylor, Pottery Barn and Williams Sonoma, and power center tenants, including Circuit City, Office Max and Old Navy.
Inland Real Estate Corp. is a self-administered and self-managed publicly traded real estate investment trust operating primarily in the Midwest.
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