Inland Expands in the Cincinnati Market

OAK BROOK, IL—Inland Real Estate Corporation, a publicly-traded REIT that owns and operates retail centers in the Midwest, and its joint venture partner PGGM, a Dutch pension fund advisor, have just acquired a portion of Newport Pavilion, a 471,800-square-foot grocery-anchored power center, located in suburban Newport, KY, just across the Ohio River from downtown Cincinnati. The partners paid $43.3 million in cash for Phase I of the center, which has 222,300-square-feet of retail space including ground leases. Kroger Marketplace, Michaels, PetSmart, Ulta, Famous Footwear, Chick-fil-A and others lease about 98% of the space. The center also includes a separately-owned 134,500-square-foot Target store.

“Newport Pavilion is an outstanding addition to our necessity and value-based retail portfolio, representing best-in-class new power center development, with leading national retailers in a high-barrier-to-entry infill location,” says Mark Zalatoris, president and chief executive officer of Inland Real Estate Corporation. “Our acquisition of this ‘class A’ Kroger-anchored power center in Ohio’s largest metropolitan area enhances the geographic and tenant diversification of our portfolio, and represents an accretive re-deployment of proceeds from recent dispositions of non-core assets.”