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OAK BROOK, IL-Inland Western Retail Real Estate Trust Inc., based here, is joining with Las Vegas-based Juliet Cos. in a $500-million venture to develop multi-tenant retail properties in the West. The company is looking to build retail centers mostly in Las Vegas, but also in Arizona, California, Utah, Oregon and Washington.

The Inland REIT officials say Juliet will contribute 10% of the $125 million in equity for the venture, and the REIT will pay the other 90%. The REIT will receive fees including property management, development and leasing fees, as well as a promoted interest in each project. The companies have a 36-month commitment.

Inland was already a partner with Juliet on the development of the 770,000-sf Lake Mead Crossing, a Target-anchored center in Henderson, NV. The roughly $109-million property has about 80% of its space signed to letters of intent, says Shane Garrison, chief investment officer for the Inland REIT. “We partnered with Juliet on this deal for a number of reasons,” he tells GlobeSt.com. “They have good relationships with tenants and anchors, all the principals live in the Vegas market and know the markets well, and they have a phenomenal reputation.”

Garrison says he anticipates most of the venture’s deals to happen in the Las Vegas market. “Land prices have gone through the roof in the valley due to speculation, you just couldn’t build a power center here. However, with the capital markets the housing situation the way they are, we know have an opportunity to take down some of these land sites, with some reduced prices. The Vegas market is still underserved, based on existing housing,” he says.

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