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Inland Real Estate Corporation Announces Acquisition of Grocery-Anchored Center in Minneapolis-St. Paul MSA

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Inland Real Estate Corporation (NYSE:IRC) today announced that its joint venture with Dutch pension fund advisor PGGM has acquired Argonne Village, a 113,000-square-foot neighborhood shopping center, located in Lakeville, Minn., a suburb of Minneapolis, for $26.3 million in cash. Argonne Village is anchored by a 71,800-square-foot Cub Foods grocery store with a complementary mix of co-tenants that includes national retailers Dollar Tree, Taco Bell, Starbucks, FedEx Kinko’s, Little Caesars Pizza, Great Clips and others.

Argonne Village - Lakeville, MN (Photo: Business Wire)

Argonne Village – Lakeville, MN (Photo: Business Wire)

“Argonne Village has all of the attributes we look for in a Class-A grocery-anchored center,” said Scott Carr, executive vice president and chief investment officer for Inland Real Estate Corporation. “The 100-percent-leased center has a strategic location in a demographically-strong trade area and a high quality tenant roster which includes Cub Foods, the market leading grocer in the Minneapolis-St. Paul market, and other high quality national and local tenants. In addition, the acquisition of Argonne Village strengthens our presence in the Twin Cities metro area, which enhances our leasing flexibility and operating efficiencies.”

The Argonne Village neighborhood shopping center, situated approximately 20 miles south of Minneapolis, draws from an affluent population base of more than 40,500 with average household income in excess of $124,000 within a 3-mile radius. The property is well located off of County Road 50 and I-35W, where an estimated 20,237 and 83,000 vehicles pass by, respectively, each day. The city of Lakeville, located within the Minneapolis-St. Paul-St. Cloud MN-WI MSA, is a growing, family-oriented community that was named one of Money Magazine’s “Top 100 Best Places to Live” in 2012.

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 September 30, 2014, the Company owned interests in 136 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.

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