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$100-Mil-Plus Fund Formed For Retail Buys

BLOOMINGTON, MN-Midwest Retail LLC, a venture between United Properties and Lutheran Brotherhood life insurance company, will focus on neighborhood shopping centers anchored by grocery stores.

By Jim McCartney | Updated on September 28, 2001

BLOOMINGTON, MN-United Properties has combined with Lutheran Brotherhood to establish a new venture with some $100 million to $150 million that will specialize in developing or buying neighborhood retail centers anchored by grocery stores. Called Midwest Retail LLC, the investment fund will focus on 15 regional markets in the Upper Midweststates of Minnesota, Iowa, Wisconsin, North Dakota and South Dakota, as well as Nebraska, says John Breitinger, vice president at Bloomington, MN-based United Properties and general manager of the fund.

“The bulk of our portfolio has been in office and industrial properties, and several years ago we started exploring for ways to invest in a sector thatdoesn’t have the same business cycle,” Breitinger says.

Because Breitinger has a background in retail real estate, that was a natural sector to take a look at.

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