OAK BROOK, IL-Five city and suburban shopping centers have been contributed by Inland Real Estate Corp. to its $400-million joint venture with New York State Teachers Retirement System. The first five assets in the joint venture, which will seek to buy additional shopping centers in the Chicago market as well as the rest of the Midwest US, have net equity of about $56 million, according to the REIT, and total more than 700,000 sf.
The joint venture is launched with the 175,774-sf Chatham Ridge on Chicago's South Side, 117,000-sf Marketplace at Six Corners on the Northwest Side, the 102,643-sf Cobbler Crossing in Elgin, 102,422-sf Shoppes of Mill Creek in Palos Park and 207,583-sf Woodfield Commons in Schaumburg. Inland Real Estate Corp. is committed to adding three more centers, with a net equity of $44 million, into the joint venture. That will trigger a $50-million contribution of capital from NYSTERS, which is committed to adding another $100 million later.
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