Ian Ritter is national online editor of GlobeSt.RETAIL.

OAK BROOK, IL-Inland Real Estate Corp. and the New York Teachers’ Retirement System have formed a joint venture to acquire up to $400 million of neighborhood and community centers in the Midwest over the next two years. Inland will manage and lease the properties.

Inland is contributing eight centers to the deal, and NYSTRS will put $50 million toward the transaction. Inland officials say they will add $100 million to purchase more centers if needed.

“Our partnership with NYSTRS will enable us to further diversify our capital resources, and will allow us to enhance our growth by expanding our core strategy of acquiring high-quality shopping centers in infill Midwest markets,” says Mark Zalarotis, Inland Real Estate Corp.’s COO, in a statement.

Inland Real Estate Corp., based here, is owned by the Inland Group of Cos. and operates 139 centers in the Midwest. The Inland Group also owns two other shopping center investment trusts that own centers on the West and East coasts.

Last month the company acquired Deer Trace, a 24,210-sf retailer center in Kohler, WI, for $4.6 million. Inland Real Estate Corp. is a publicly traded company that was first listed on the New York Stock Exchange.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Dig Deeper

 

GlobeSt Net Lease Spring 2024Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.