OAK BROOK, IL—Inland Real Estate Corporation, a publicly-traded REIT that owns and operates retail centers in the Midwest, continues to focus its attention and money on affluent suburbs southwest of Chicago. The company just acquired Prairie Crossings in Frankfort, IL, about 30 miles southwest of Chicago, for $24.7 million in cash, its second major retail acquisition in that area this year. As reported in GlobeSt.com, Inland recently purchased the Mokena Marketplace in nearby Mokena for $13.7 million in cash.
Its new acquisition has about 109,000-square-feet, including over 83,000-square-feet of inline retail space plus two multi-tenant outlot buildings. Tenants currently occupy 99% of the property and include several national retailers such as Bed Bath & Beyond, Sports Authority and Office Depot. A separately-owned Kohl's store shadow anchors the center. A group of in-demand retailers, restaurants and service providers also rent space including Famous Footwear, Panera Bread, Chipotle, Red Mango, Game Stop, Sleepy's, Massage Envy and Spa, and Hair Cuttery, among others.
“Prairie Crossings' high quality roster of national retailers, attractive market position and solid demographic profile make the center a perfect fit for our portfolio,” says Scott Carr, executive vice president and chief investment officer for Inland Real Estate Corp. “Our acquisition of Prairie Crossings, following our purchase of the neighboring Mokena Marketplace earlier this year, expands our presence in this vibrant regional submarket. Our strategy of owning multiple assets within a trade area provides leasing flexibility to merchandise our centers with the optimal mix of tenants, enhancing consumer traffic across all of our properties in this market.”
Prairie Crossings primarily serves the communities of Frankfort, Mokena and New Lenox. It sits in the trade area on US Rte. 30, one of the main east-west thoroughfares running through the area. The center draws from a population base of about 95,100 with average household income of nearly $118,800 within a five-mile radius.
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
