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OAK BROOK, IL-The recently acquired Orland Park Place is about to be flipped. The 598,054-sf southwest suburban power center, acquired by Inland Real Estate Corp. for $76.9 million plus a potential $8.3-million earn-out, will not be leaving the REIT's hands entirely, however.

Along with three other properties acquired earlier this year, Orland Park Place is ticketed to a joint venture with the New York State Teachers' Retirement System. Those assets will put the joint venture about halfway toward its goal of acquiring $400 million of Midwest US multi-tenant, national credit-tenant retail centers.

Orland Park Place is about three times larger than the top end of the six-property joint venture portfolio, which made NYSTRS hesitant, if only briefly. "Once they took a look at the asset and the mix of tenants, they fell in love with it," said chief operating officer Mark E. Zalatoris Thursday during his company's earnings conference call.