News

Boston, MA, July 16, 2007

Intercontinental Announces the Acquisition of Louis Joliet Pointe on Behalf of U.S. Real Estate Investment Fund, LLC

Intercontinental Real Estate Corporation (“Intercontinental”), a national real estate investment, development and management firm headquartered in Boston, MA, announced the acquisition of Louis Joliet Pointe Shopping Center located in Joliet, Illinois.  The investment marks the third acquisition on behalf of Intercontinental’s newly formed U.S. Real Estate Investment Fund, LLC (US REIF).  The acquisition process was led by Steven Centrella, Director, Acquisitions at Intercontinental.

Louis Joliet Pointe is a 237,734 square foot community shopping center located in Joliet, IL approximately 38 miles southwest of Chicago.  Currently 96% leased, the property is superbly situated on the south side of Route 30, the major east/west thoroughfare in Joliet.  The shopping center’s location provides excellent visibility, access and signage with approximately 1,200 feet of frontage along Route 30.  Anchored by an 86,479 square foot K-Mart, Louis Joliet Pointe also features prominent national tenants including: Bed Bath & Beyond, Office Depot, Michael’s, Harlem Furniture, Subway, and Shoe Carnival.  The shopping center also benefits from retail traffic generated by the adjacent property, Westfield’s Louis Joliet Mall.  Totaling approximately 950,000 square feet, the mall is home to Macy’s, Carson Pirie Scott, JC Penney, and Sears. 

“The acquisition of Louis Joliet Pointe marks an opportunity to acquire a high quality asset with an attractive mix of local, regional, and national tenants located in a vibrant and growing economy.  It is a solid addition to our growing US REIF portfolio,” commented Peter Palandjian, Chairman & CEO of Intercontinental. 

US REIF is seeking investments in yield-driven real estate, diversified by geography and product type.  The fund’s primary focus is on assets which provide stable and predictable cash flow with an opportunity of capital appreciation.

Intercontinental Real Estate Corporation is an SEC registered investment adviser and real estate operating company with expertise in real estate investment, development, construction management, and asset management. The company has developed, managed and owned over $4 billion in real property assets across all property types including commercial, mixed use, hotel, recreational and residential projects.  Presently, Intercontinental manages a portfolio in excess of $1.7 billion for its clients.