Since lining up with the NYSTRS in October 2004, a total of $280 million has been reached. Executives note that the "crown jewel" of those investments has been Algonquin Commons, which was purchased for $154 million.
While Inland has remained focused in and around the Chicago market, Mark Zalatoris, Inland executive vice president and COO, said NYSTRS has expressed interest in the Texas market. "It redefines our 400-mile radius, but we said 'yes, we'll go do that with you,'" Zalatoris said. He went on to say that "there's about $200 million in additional centers that we'll be looking to acquire in next year and a half."
Zalatoris said the company is "anticipating a big year with NYSTRS." Currently, the joint venture is in negotiations for 14 properties and has six assets under contract, Zalatoris noted. "Sellers are repeat sellers to us because they have had good experience with the way we buy properties," he told conference attendees.
Inland chief financial officer Brett A. Brown and president of property management D. Scott Carr also spoke at the conference, giving attendees further detail on Inland's management and acquisition structure. Carr noted that while no one retailer makes up more than 4.4% of Inland's annual base rent, that statistic will change with SuperValu's purchase of Alberston's. Once that transaction is complete, SuperValu will bring in 7% of the rental total.
Inland Real Estate Corp. is a self-administered and self-managed publicly traded real estate investment trust that owns interests in 146 neighborhood, community, lifestyle and single-tenant retail centers located primarily in the Midwest.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
