Inland Continues to Upgrade Portfolio

MICHIGAN CITY, IN—The Inland Real Estate Corporation has just taken another step in the effort to upgrade its portfolio. It has sold Lake Park Plaza, an 114,867-square-foot shopping center in Michigan City, IN, to RCG Ventures for an undisclosed amount. Tenants occupy about 77% of the center, and the new owners believe they can boost its value by concentrating on leasing up the space.

“That strategy fits their platform,” Janice Sellis, capital markets director at Transwestern, tells GlobeSt.com. “They like to buy centers which need improvement.” Sellis and Transwestern’s Paul Barile represented Inland, a publicly traded REIT that primarily owns and operates Midwestern retail centers, in the transaction. RCG Ventures represented itself.