OAK BROOK, IL—Inland Real Estate Corporation, apublicly-traded REIT that owns and operates retail centers in theMidwest, continues to focus its attention and money on affluentsuburbs southwest of Chicago. The company just acquired PrairieCrossings in Frankfort, IL, about 30 miles southwest of Chicago,for $24.7 million in cash, its second major retail acquisition inthat area this year. As reported in GlobeSt.com, Inlandrecently purchased the Mokena Marketplace in nearbyMokena for $13.7 million in cash.

Its new acquisition has about 109,000-square-feet, includingover 83,000-square-feet of inline retail space plus twomulti-tenant outlot buildings. Tenants currently occupy 99% of theproperty and include several national retailers such as BedBath & Beyond, Sports Authority andOffice Depot. A separately-ownedKohl's store shadow anchors the center. A group ofin-demand retailers, restaurants and service providers also rentspace including Famous Footwear, PaneraBread, Chipotle, RedMango, 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 thecenter a perfect fit for our portfolio,” says ScottCarr, executive vice president and chief investmentofficer for Inland Real Estate Corp. “Our acquisition of PrairieCrossings, following our purchase of the neighboring MokenaMarketplace earlier this year, expands our presence in this vibrantregional submarket. Our strategy of owning multiple assets within atrade area provides leasing flexibility to merchandise our centerswith the optimal mix of tenants, enhancing consumer traffic acrossall of our properties in this market.”