VALPARAISO, IN - Inland Real Estate Corp. has acquired Valparaiso Walk, a 137,509-square-foot shopping center in northwestern Indiana for approximately $21.9 million from IBT Group LLC.
CBRE Capital Markets represented the seller in the transaction.
Valparaiso Walk is located at the intersection of Silhavy Rd. and LaPorte Ave. It is within the Chicago Metropolitan Statistical Area. The property is in a major trade area, servicing over 100,000 people. Valparaiso University's student population also enhances the area's consumer purchasing power.
The shopping center is 100 percent leased and is anchored by Bed Bath & Beyond, Marshalls, Best Buy, and Michaels, and is shadow-anchored by Aldi and Menards. Additional tenants include Dress Barn, Famous Footwear, Lane Bryant, Noodles & Company and T.G.I. Friday's.
“Valparaiso Walk is located in a robust trade area and is fully leased to best-in-class retailers, two attributes that support strong regional drawing power,” Scott Carr, Inland's executive vice president and chief investment officer, says in a release. “In addition, we reinvested proceeds from recent dispositions to acquire this Class A property located in the greater Chicago metro area in a lender-driven sale.”
Oak Brook, IL-based Inland is an owner and operator of shopping centers located primarily in the Midwestern United States. It is a self-administered and self-managed publicly traded real estate investment trust.
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