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Market Tests Inland's Discipline

OAK BROOK, IL-While fierce competition has driven cap rates below 6%, Inland takes pride in $125 million in JV buys.

By Mark Ruda | Updated on October 31, 2005

OAK BROOK, IL-Acquiring properties for its own portfolio as well as its joint venture partners is likely to take longer than Inland Real Estate Corp. had hoped. The retail REIT has acquired $125 million for joint venture partner New York State Teachers Retirement System, putting it about one-third toward its goal of $400 million after a year.

“Competition for high-quality, stabilized retail assets is as fierce as ever,” says president and chief executive officer Robert D. Parks, adding sellers’ expectations remain high despite rising interest rates. Inland Real Estate Corp. hopes to close on five deals totaling $102 million, either by the end of the year or early 2006, Parks says. The joint venture surpassed the two-million-sf mark with the September additions of Mapleview Shopping Center in Grayslake and Showplace Theater Center in Crystal Lake.

Meanwhile, the company is poised to launch another joint venture aimed at developing suburban retail centers, chief operating officer Mark E. Zalatoris says, with returns expected to be in the double digits.

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