Pine Tree Commercial Realty LLC, an affiliate of Pine TreeInstitutional Realty LLC, will handle site selection, acquisition,development and some leasing services. Besides providing capital,Inland will assist with leasing for "mid-box and local smalltenants," Zalatoris says. Developers tend to specialize more insigning the major big box tenants with it "taking a little bit longto completely lease up the center with complimentary smallertenants," he says. "Jointly, we can complete the developmentfaster."

The shopping center developments will primarily be in theMidwest and will generally range in size from 75,000 sf to 300,000sf, and three projects are already planned for this year. The jointventure recently closed on land in Fort Wayne, IN. The approximate$37 million development will be about 300,000 sf and have a "bigbox" anchor that will occupy approximately 100,000-sf, Zalatoristells GlobeSt.com. Zalatoris says they were still in discussionswith an anchor and could not disclose the retailer. Constructionshould commence this summer with the first main tenant to open latethis year or early next year. The joint venture is also "activelypursuing" developments in suburban Indianapolis and St. Joseph,MO.

Inland has generally purchased shopping centers after they havealready been developed and stabilized. Inland plans to own theshopping centers long-term, Zalatoris says. The firm plans to buyout the partner at a cost lower than it would be if Inland waspurchasing a fully developed shopping center and receive "abovemarket rates of return," he says.