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New Plan Excel Teams Up With JPMorgan Fleming

NEW YORK CITY-With a $150-million kitty, New Plan Excel and JPMorgan Fleming get together to acquire shopping centers. Already, the JV spent $44 million for a Lake Grove, NY asset.

By Barbara Jarvie | Updated on December 02, 2003

NEW YORK CITY-New Plan Excel Realty Trust Inc. and JPMorgan Fleming Asset Management, armed with a $150-million equity commitment, formed NP/I&G Institutional Retail Co. LLC to acquire high-quality institutional grade community and neighborhood shopping centers on a nationwide basis. The joint venture is based on an 80/20 percent contribution split between a fund advised by JPMorgan Fleming and New Plan, which as the managing member, will be responsible for initiating acquisitions, as well as providing management and leasing services.

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.

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