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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.

A major attraction was the deal’s 7.6% capitalization rate, which will not change as a result of the earn-out, which HSA Commercial Real Estate will earn by leasing 32,000 sf of vacant space. The seller has two letters of intent pending on the space, added president of property management D. Scott Carr.

Also awaiting lender approval before moving into the joint venture are the 103,714-sf Mapleview Shopping Center in north suburban Grayslake and 94,860-sf Showplace Theater Center in northwest suburban Crystal Lake, acquired earlier this year for about $20 million each. Assets owned by Inland Real Estate Corp. are contributed to the joint venture at cost, according to the company, which teamed with NYSTRS in November.

Zalatoris said Inland Real Estate Corp. has $85 million in additional purchases under contracts or letters of intent, with offers out on another $185 million in properties. All of the deals will be run past NYSTRS for its consideration, he added.

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