Inland-PGGM JV Buys Sixth Shopping Center in Greater Cleveland
- May 19, 2015
Inland Real Estate Corp. and its partner, Dutch pension fund administrator PGGM, have acquired another property in the Greater Cleveland area. The joint venture paid $28.3 million to buy the Creekside Commons shopping center.
The property is located on Mentor Avenue, the prime retail corridor in the Cleveland suburb of Mentor. It has 201,879 square feet of space and is anchored by Kohl’s, Gordmans, Home Goods and Party City. Creekside Commons’ tenant roster also includes other national retailers, such as Five Below, Panera Bread, Payless Shoe Source, LensCrafters, Sally Beauty Supply, GNC and Great Clips. The property was 99 percent leased at the time of the sale.
According to Inland, the $28.3 million purchase price included a $16.5 million mortgage loan on the property, with a maturity date in 2024. The joint venture assumed the loan at closing.
With the acquisition of Creekside Commons, the joint venture now owns six shopping centers, with more than 853,000 square feet of leasable space, in the Cleveland metropolitan area. Earlier this year, it purchased Cedar Center North, a shopping center in South Euclid, for $15.4 million, and in 2013, it paid $24.9 million for Cedar Center South in University Heights.
Photo credit: Inland Real Estate Corp.