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As filed with the Securities and Exchange Commission on September 25, 1996
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities and Exchange Act of 1934
Date of Report: September 23, 1996
(Date of earliest event reported)
INLAND REAL ESTATE CORPORATION
(Exact name of registrant as specified in the charter)
Maryland 33-79012 36-3953261
(State or other jurisdiction (Commission File No.) (IRS Employer
of incorporation) Identification No.)
2901 Butterfield Road
Oak Brook, Illinois 60521
(Address of Principal Executive Offices)
(630) 218-8000
(Registrant's telephone number including area code)
n/a
(Former name or former address, if changed since last report)
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Item 5. Other Events
Anticipated purchase of property:
Six Corners Plaza, Chicago, Illinois
The Company anticipates purchasing a Neighborhood Retail Center located at 3920
North Cicero Avenue in Chicago, Illinois known as Six Corners Plaza ("Six
Corners"). Under the proposed terms of the acquisition, the Company would
purchase Six Corners from MBL Life Assurance Corporation, an unaffiliated third
party, for approximately $6.0 million. The Company anticipates funding the
purchase using: (i) the proceeds of a five-year loan in the amount of $3.0
million from an unaffiliated lender; and (ii) cash and cash equivalents. The
Loan requires interest-only payments during the term of the loan at an annual
rate of 7.85%. The Company must also pay an origination fee equal to 1% to the
lender at closing. A closing date for the acquisition has not been scheduled
pending completion of due diligence on the property, which the Advisor is
undertaking on behalf of the Company. No acquisition fees will be payable in
connection with the acquisition of Six Corners. There can be no assurance that
the Company will complete the acquisition of Six Corners.
Six Corners was built in 1966 and consists of a two-story building comprising a
multi-tenant neighborhood retail facility aggregating 80,650 rentable square
feet. The center is anchored by Bally's Chicago Health and Tennis Club, which
leases 45,803 square feet, and Illinois Masonic, which leases 13,988 square
feet.
