Oak Brook's Inland Real Esate, PGGM acquire Libertyville shopping center

Oak Brook-based Inland Real Estate Corporation, in a joint venture with PGGM, acquired Red Top Plaza, a 151,840-square-foot neighborhood shopping center in Libertyville.

Red Top Plaza is anchored by Jewel-Osco, and features a strong mix of national and regional retailers including Fifth Third Bank, Tuesday Morning, Edward Jones, L.A. Tan, Subway, Lou Malnati's Pizzeria and Hertz, among others.

The IRC-PGGM joint venture completed its all-cash acquisition of Red Top Plaza on June 2 for a purchase price of approximately $19.8 million, excluding closing costs and adjustments. The venture anticipates placing financing on the asset at leverage levels consistent with its existing business plan.

To date, the IRC-PGGM venture has acquired four retail properties with a total value of $84.8 million.