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OAK BROOK, IL-Inland Real Estate Corp. has acquired approximately 170,000 sf of retail space in Wisconsin and Minnesota in two separate deals totaling $16.35 million. The bigger deal is the $13.52-million purchase of the fully-occupied Deer Trace Shopping Plaza in Kohler, WI, anchored by a 54,541-sf Elder-Beerman department store, a 30,335-sf TJ Maxx, and 20,376-sf Michaels.

In the other deal, Inland Real Estate Corp. picked up a Michaels store in Coon Rapids, MN located in the Riverdale Commons shopping center, which already is owned by the REIT, for $2.83 million.

Pine Tree Commercial Realty is the seller of the recently-constructed Deer Trace Shopping Plaza. Ryan Companies US, Inc. is the seller of the Michaels store.

“We are utilizing funds from a $100 million acquisition line of credit as well as proceeds from recent property sales and dividend reinvestment funds to add these and other quality properties to our portfolio,” comments Inland Real Estate Corp. chief financial officer Mark Zalatoris in a statement.

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