M&A Deal Summary

IRC Retail Centers Acquires Westgate Shopping Center

On March 6, 2012, IRC Retail Centers acquired real estate company Westgate Shopping Center for 73M USD

Acquisition Highlights
  • This is IRC Retail Centers’ 22nd transaction in the Real Estate sector.
  • This is IRC Retail Centers’ 2nd largest (disclosed) transaction.
  • This is IRC Retail Centers’ 22nd transaction in the United States.
  • This is IRC Retail Centers’ 1st transaction in Ohio.

M&A Deal Summary
Date 2012-03-06
Target Westgate Shopping Center
Sector Real Estate
Buyer(s) IRC Retail Centers
Deal Type Add-on Acquisition
Deal Value 73M USD

Target

Westgate Shopping Center

Fairview Park, Ohio, United States
Westgate Shopping Center, a grocery-anchored power center totals approximately 474,000 square feet of gross leasable area (GLA), including a 119,700-square-foot Lowe’s Home Improvement store on a ground lease. The center’s excellent visibility and infill location in an affluent suburban market contribute to its 94 percent occupancy rate.

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Buyer(S) 1

Buyer

IRC Retail Centers

Oak Brook, Illinois, United States
Category Company
Founded 1994
Sector Real Estate
Employees141
Revenue 204M USD (2014)
DESCRIPTION
Inland Real Estate's corporate headquarters in Oak Brook, Illinois.
Inland Real Estate's corporate headquarters in Oak Brook, Illinois.

IRC Retail Centers LLC is a real estate company focused on owning and operating open-air neighborhood, community, and power shopping centers located in well-established markets primarily in the Central and Southeastern U.S. IRC Retail Centers was founded in 1994 and is based in Oak Brook, Illinois.

DEAL STATS #
Overall 22 of 32
Sector (Real Estate) 22 of 32
Type (Add-on Acquisition) 16 of 23
State (Ohio) 1 of 2
Country (United States) 22 of 32
Year (2012) 4 of 4
Size (of disclosed) 2 of 30
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2012-02-29 Stone Creek Towne Center

Connecticut, United States

Stone Creek Towne Center, a power center totals approximately 142,800 square feet of leasable space and is anchored by Bed, Bath & Beyond, Old Navy and Best Buy.

Buy $36M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2013-01-03 Valparaiso Walk Shopping Center

Valparaiso, Indiana, United States

Valparaiso Walk, a 137,509-square-foot power center.Valparaiso Walk is located at the intersection of Silhavy Road and LaPorte Avenue in Valparaiso, Indiana, which is within the Chicago Metropolitan Statistical Area (MSA).

Buy $22M
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