Inland-PGGM JV Buys Its Last Shopping Center
- Jun 09, 2015
The joint venture of Inland Real Estate Corp. and Dutch pension fund administrator PGGM continues to find Greater Cincinnati a fruitful hunting ground. Its latest acquisition is the Eastgate Crossing shopping center, in Union Township.
Inland and PGGM purchased the asset from CBL & Associates Properties, Inc. The gross sale price was $22.8 million. It includes $1.7 million of future earn-out payments and the assumption of a $14.6 million loan secured by the property. The mortgage loan is set to mature in May 2017.
Eastgate Crossing is located less than 20 miles from downtown Cincinnati in the Eastgate retail corridor, close to the intersection of I-275 and State Route 32. The shopping center has 174,700 square feet of space and was 97 percent leased at the time of the sale. Its tenant roster includes Kroger, Marshalls, Ashley Furniture, Jo-Ann Fabrics, Dollar Tree, as well as a mix of national and local retailers.
Mark Zalatoris, president and CEO of Inland, said in a statement that Eastgate Crossing represents the final purchase of the Inland-PGGM joint venture. Its portfolio now includes 36 retail assets, with almost 5 million square feet of gross leasable area. In Greater Cincinnati, the joint venture owns four shopping centers. These include Phase I and II of the Newport Pavilion power center in Newport, Ky.
Photo credit: Inland Real Estate Corporation