Union Twp. shopping center sells for $21.1M

Eastgate Crossing in Clermont County’s Union Township was sold to an Illinois-based joint venture that owns shopping centers for $21.1 million.

Inland Real Estate Corp. said Monday its joint venture with Dutch pension fund administrator PGGM bought the 174,700-square-foot property. Eastgate Crossing is now about 97 percent leased to Kroger, Marshalls, Ashley Furniture, Jo-Ann Fabrics, Dollar Tree, and a mix of national and local retailers.

With the purchase of Eastgate Crossing, Inland Real Estate has four shopping centers in the region totaling 628,100 square feet of retail space.

“Eastgate Crossing is a best-in-class, grocery and value-retail hybrid center, characterized by its prime location in a dynamic regional trade area, excellent demographic profile and strong tenant line-up of leading national retailers such as Marshalls and Kroger, the number one grocer in the Cincinnati market,” said Scott Carr, executive vice president and chief investment officer of Inland Real Estate.

The purchase price included a $14.6 million mortgage loan with a May 2017 maturity date, which the joint venture assumed at closing.

Inland Real Estate is a publicly traded real estate investment trust based in suburban Chicago that owns and operates open-air neighborhood, community and power shopping centers in the central and southeastern United States. The company owned interests in 134 properties with about 15 million square feet of leasable space as of March 31.