Inland Real Estate Corporation’s joint venture with PGGM has acquired the Princess City Plaza shopping centre in Mishawaka, Indiana for USD28.6 million in cash, subject to future earnout payments.
“Princess City Plaza is a Class-A power centre, with a high quality tenant line up of national retailers and chain restaurants, situated in the vibrant University Park trade area near the University of Notre Dame,” says Mark Zalatoris, president and chief executive officer of Inland Real Estate Corporation. “These attributes, along with the centre’s high occupancy rate, make it an excellent acquisition for our PGGM joint venture portfolio. In addition, we expect to achieve increased operating efficiencies and leasing flexibility by leveraging our expanded presence in the trade area.”
Princess City Plaza encompasses 178,500 square feet of retail space, including ground leases, and is nearly 99 per cent leased to leading national retailers and chain restaurants including Dick’s Sporting Goods, Old Navy, PetSmart, Gordmans, Shoe Carnival, Noodles and Company, and Carrabba’s Italian Grill, among others. The centre is shadow-anchored by Whole Foods Market and Kohl’s.
The city of Mishawaka is located in St Joseph County, the second largest retail market in Indiana after Indianapolis.
Inland Real Estate Corporation first established a presence in the University Park trade area with its purchase in 2003 of University Crossings, a Target shadow-anchored power centre which is 96 per cent occupied.