CALEDONIA, WI-Oak Brook-based Inland Real Estate Corp. has paid $11.9 million for the Greentree Centre here, with an additional $1.7 million due on full occupancy of the 159,268-sf center. Occupancy is 93%, with Pick 'N' Save grocery and Kmart anchoring the retail property at the northwest corner of Douglas Avenue, although the payments are still being made on the remaining space.
"Greentree Centre is an excellent retail center, featuring the area's dominant grocer," says Inland Real Estate Corp. vice president of acquisitions Bill Anderson, who handled negotiations for his company along with senior counsel Beth Sprecher Brooks. Peter Langhoff of Seigel-Gallagher, Inc. represented the sellers, two Wisconsin general partnerships.
The acquisition is Inland Real Estate Corp.'s third property in southeast Wisconsin, where it already owns the 107,952-sf V. Richards Plaza in Brookfield, a suburb west of Milwaukee; as well as the 35,407-sf Sequoia Shopping Center in Brown Deer, a suburb northwest of Milwaukee.
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