Inland Real Estate Corp., MAB Purchase Retail Center in Asheville MSA

WEAVERVILLE, N.C. — Inland Real Estate Corp. has formed a joint venture with MAB American Retail Partners LLC to acquire Weaverville Plaza, a 49,000-square-foot shopping center located in the Asheville suburb of Weaverville. The joint venture has signed a lease with Publix for the ground-up development of a new 49,000-square-foot grocery store at the property. The new owners also plan to invest roughly $21.6 million to redevelop the center, which will include demolition of existing retail space for the new Publix store, repositioning of in-line shop space and construction of a new outlot at the center. The completed redevelopment is expected to total approximately 139,000 square feet. Construction is expected to commence in the first quarter of 2016, with the new Publix store anticipated to open in 2017.