OAK BROOK, IL-Inland Western Real Estate Trust Inc. and Morgan Stanley Real Estate are forming a $1-billion joint venture to purchase and manage retail properties.

ALSIP, IL-Interstate Commercial Real Estate has purchased 23 acres at 12000 S. Cicero Ave. and started construction on Quarry Plaza, a 237,970-sf retail center.

AURORA, IL-Liberty Property Trust has completed a 203,092-sf building and plans to finish a 592,539-sf building by the end of this month for its Liberty Business Center.

OAK BROOK, IL-DLC Management Corp. is buying the 67,143-sf Oaks of Oak Brook shopping center at the northwest corner of State Route 83 and 16th Street.

CHICAGO-Tri-Cap Realty is buying a 22-story apartment building for nearly $5.5 million and will spend about $4.9 million in renovations.

CHICAGO-Waterton Residential is buying Presidential Towers, four 50-story buildings, from the Pritzker family for approximately $470 million.

CHICAGO-Waterton Residential is buying Presidential Towers, four 50-story buildings, from the Pritzker family for approximately $470 million.

OAK BROOK, IL-Inland Real Estate Corp. is forming a joint venture with Pine Tree Institutional Realty LLC to develop up to $400 million in new shopping centers in a four-year period.