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UPDATE: Inland JV Heading to Texas

CHICAGO-Speaking at the Credit Suisse Real Estate Conference 2006 in New York City Thursday, Inland Real Estate Corp. executives discuss the company's progress with NYSTRS. In addition to adding more to its investment capital, the joint venture is also making plans to expand into the Southwest.

By Dana Dubriwny | Updated on April 06, 2006

CHICAGO-Inland Real Estate Corp., through its joint venture with New York State Teachers Retirement System, has already hit the halfway mark in its plan to invest $400 million-plus in retail assets by yearend. Speaking at the Credit Suisse Real Estate Conference 2006 in New York City Thursday, executives spelled out the progress the company has made thus far, and discussed new endeavors for its most prosperous joint venture.

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.”

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