The Inland REIT officials say Juliet will contribute 10% of the$125 million in equity for the venture, and the REIT will pay theother 90%. The REIT will receive fees including propertymanagement, development and leasing fees, as well as a promotedinterest in each project. The companies have a 36-monthcommitment.

Inland was already a partner with Juliet on the development ofthe 770,000-sf Lake Mead Crossing, a Target-anchored center inHenderson, NV. The roughly $109-million property has about 80% ofits space signed to letters of intent, says Shane Garrison, chiefinvestment officer for the Inland REIT. "We partnered with Julieton this deal for a number of reasons," he tells GlobeSt.com. "Theyhave good relationships with tenants and anchors, all theprincipals live in the Vegas market and know the markets well, andthey have a phenomenal reputation."

Garrison says he anticipates most of the venture's deals tohappen in the Las Vegas market. "Land prices have gone through theroof in the valley due to speculation, you just couldn't build apower center here. However, with the capital markets the housingsituation the way they are, we know have an opportunity to takedown some of these land sites, with some reduced prices. The Vegasmarket is still underserved, based on existing housing," hesays.