NAPERVILLE, IL—Inland Real Estate Corp. has recently sold two retail properties, one here and one in Indianapolis, for a total $7.5 million.
The company sold the 67,632-sq.-ft. Butera Market shopping center here to the market’s owner for $5.7 million. Also, Inland sold a vacant 67,541-sq.-ft. property in Indianapolis, a building formerly leased to Cub Foods, for $1.8 million. Inland initiated the early termination of the lease with Cub Foods for this location in 2011 in order to reduce exposure to Supervalu, the parent company, and to facilitate sale of the asset to Wal-Mart Stores Inc.
Scott Carr, chief investment officer, said the sale of these non-strategic properties is part of a capital recycling plan that further refines and strengthens Inland’s portfolio. “We expect to use the proceeds to acquire higher quality Class A properties within our target Midwest markets and, in fact, have under contract several assets with healthy growth potential,” he said.
