Company News »

Inland Real Estate Corporation Announces Development of Publix-Anchored Center in Northeastern Alabama

Business Wire
Share on StockTwits
Published on

Inland Real Estate Corporation (NYSE:IRC) today announced that it has acquired 13 acres of land for the development of The Shoppes at Rainbow Landing, a 65,000-square-foot shopping center that will be located in Rainbow City, Alabama. The center, which is 74% pre-leased, will include a 45,600-square-foot Publix grocery store and approximately 16,000 square feet of shop space, with two outlots available for future development. The Company will develop the center in conjunction with its joint venture partner MAB American Retail Partners, LLC, who will provide development services for the project. Construction on the center is expected to begin by early November, with the Publix store targeted to open in the fall of 2015.

Shoppes at Rainbow Landing (Rainbow City, AL)

Shoppes at Rainbow Landing (Rainbow City, AL)

“The Shoppes at Rainbow Landing is our first retail development in Alabama, and represents execution on our strategic plan to grow our portfolio by developing and acquiring shopping centers in the southeastern United States,” said Scott Carr, chief investment officer for Inland Real Estate Corporation. “In line with that objective, we look forward to adding market-leading Publix to our tenant roster of high quality national retailers. In addition, our strategy of partnering with established developers provides the opportunity to add this brand new shopping center to our portfolio at better than market pricing.”

The Shoppes at Rainbow Landing site is located approximately one hour northeast of Birmingham, Alabama. The Publix-anchored center is expected to draw from an immediate trade area that includes a population base of 25,169 with average household incomes of $61,547 within a 10-minute drive time from the property. The center will benefit from its prime location at the intersection of Rainbow Drive (U.S. Highway 411) and Alabama Highway 77, which provide excellent regional accessibility to the property.

About Inland Real Estate Corporation

Inland Real Estate Corporation is a self-advised and self-managed publicly traded real estate investment trust (REIT) focused on owning and operating open-air neighborhood, community and power shopping centers located in well-established markets primarily in the Central United States. As of June 30, 2014, the Company owned interests in 135 investment properties, including 31 owned through its unconsolidated joint ventures, with aggregate leasable space of approximately 15 million square feet. Additional information on Inland Real Estate Corporation is available at To connect with Inland Real Estate Corporation via LinkedIn, visit, or via Twitter at

Certain information in this supplemental information may constitute “forward-looking statements” within the meaning of the Federal Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements that do not reflect historical facts and instead reflect our management’s intentions, beliefs, expectations, plans or predictions of the future. Forward-looking statements can often be identified by words such as “seek,” “believe,” “expect,” “anticipate,” “intend,” “estimate,” “may,” “will,” “should” and “could.” Examples of forward-looking statements include, but are not limited to, statements that describe or contain information related to matters such as management’s intent, belief or expectation with respect to our financial performance, investment strategy or our portfolio, our ability to address debt maturities, our cash flows, our growth prospects, the value of our assets, our joint venture commitments and the amount and timing of anticipated future cash distributions. Forward-looking statements reflect the intent, belief or expectations of our management based on their knowledge and understanding of our business and industry and their assumptions, beliefs and expectations with respect to the market for commercial real estate, the U.S. economy and other future conditions. Forward-looking statements are not guarantees of future performance, and investors should not place undue reliance on them. Actual results may differ materially from those expressed or forecasted in forward-looking statements due to a variety of risks, uncertainties and other factors, including but not limited to the risks listed and described under Item 1A”Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2013, as filed with the Securities and Exchange Commission (the “SEC”) on February 28, 2014, as they may be revised or supplemented by us in subsequent Reports on Form 10-Q and other filings with the SEC. Except as otherwise required by applicable law, the Company disclaims any obligation or undertaking to publicly release any updates or revisions to any forward-looking statement in this release to reflect any change in the Company’s expectations or any change in events, conditions or circumstances on which any such statement is based.

Share on StockTwits