Inland Casts Bigger Shadow at Deer Trace

OAK BROOK, IL-Inland Real Estate Corp. has increased its presence in Kohler, WI, adding 24,410 sf to its portfolio with a $4.6-million purchase of Deer Trace II. The REIT already owns a 105,000-sf piece of the Deer Trace Shopping Center, anchored by anchored by Elder-Beerman, T.J. Maxx, Famous Footwear.

Deer Trace II, the third phase of the retail development, is 89.7% occupied but is bolstered by a master lease with developer KP3, LLC, which effectively makes the portion 100% leased. Tenants include Pier 1 Imports, Maurice’s, U.S. Cellular, Great Clips and Badger Optical. Inland Real Estate also owns the Home Depot and Target stores that anchor the entire center.

“We consider Deer Trace Shopping Center to be a strong asset in our portfolio,” says Inland Real Estate vice president of acquisitions Bill Anderson. “With the acquisition of Deer Trace II, the Company now owns a majority of the gross leasable square feet at the center.”

Peter Borzak of Lake Bluff-based Pinetree Commercial Realty represented KP3, LLC.