The team has already made its first purchase. On Nov. 25, the JV acquired Lake Grove Plaza, a 251,236-sf grocery-anchored community shopping center, for approximately $44 million. The Lake Grove, NY shopping center is 100% leased with tenants such as Stop & Shop, Bally Total Fitness, DSW, Michaels, PETCO and Staples.

In November, New Plan issued $50 million of unsecured, 10-year fixed rate notes with a coupon of 5.5%. The notes due Nov. 20, 2013, and have no puts, are non-callable and non-amortizing. Net proceeds from the offering will be used to repay $49 million of 7.33%, four-year unsecured notes due on Nov. 20, 2003. The company operates as a self-administered and self-managed REIT with a national portfolio of 404 properties, including 19 properties held through joint ventures, and total assets of approximately $3.5 billion. Its properties are located across 35 states and include 375 community and neighborhood shopping centers, primarily grocery or name-brand discount chain anchored, with approximately 53.5 million sf of gross leasable area, and 29 related retail real estate assets with approximately 2.3 million sf of gross leasable area.

As a part of JP Morgan Chase & Co., JPMorgan Fleming Asset Management provides investment solutions to corporations, governments, institutions, endowments, foundations and individuals with close to $527 billion in global assets under management.