OAK BROOK, IL-A subsidiary of Inland American Real Estate TrustInc. has formed a joint venture with Centro NP Residual Holding LLCto acquire 25 retail shopping centers. The complicated deal, whichtotals roughly $471 million, involved Centro selling the portfoliointo the JV, which then placed a $310 million CMBS loan on 24properties to complete the acquisition.

The properties, totaling about 4.5 million square feet, areprimarily grocery-anchored or necessity-based community shoppingcenters. Located in 13 states primarily in the Eastern US, theportfolio had an average occupancy of more than 91% as of September30, 2010. National tenants include: Wal-Mart, Publix, Kroger, BestBuy, Kohl’s, Staples, Bed Bath & Beyond and T.J. Maxx.

The new JV provides Inland American with a significant equitystake and certain governance rights in the recapitalized portfolio,in addition to a preferred capital position and a preferred return.Michael Podboy, vice president of Inland American Business Manager& Advisor Inc., says Inland owns more than 50% of the JV, butdeclined to disclose exactly how much.