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.

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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.

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“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.”

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Prairie Crossings primarily serves the communities of Frankfort,Mokena and New Lenox. It sits in the trade area on US Rte. 30, oneof the main east-west thoroughfares running through the area. Thecenter draws from a population base of about 95,100 with averagehousehold 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.