Inland in $400M JV

OAK BROOK, IL-Inland Real Estate Corp. and the New York Teachers’ Retirement System have formed a joint venture to acquire up to $400 million of neighborhood and community centers in the Midwest over the next two years. Inland will manage and lease the properties.

Inland is contributing eight centers to the deal, and NYSTRS will put $50 million toward the transaction. Inland officials say they will add $100 million to purchase more centers if needed.

“Our partnership with NYSTRS will enable us to further diversify our capital resources, and will allow us to enhance our growth by expanding our core strategy of acquiring high-quality shopping centers in infill Midwest markets,” says Mark Zalarotis, Inland Real Estate Corp.’s COO, in a statement.