Interra-Vision and PREI will initially contribute a total of $50 million, Gamsjaeger says. The joint venture is expected to fund $250 million of projects. The joint venture will develop projects for the next two to three years but, based on the current planned projects, "we will probably do it faster than that," he says. "The joint venture allows us access to capital which allows us to be competitive in acquiring those locations that meet our current target," he says. Some of the infill locations "tend to be very competitive locations with a lot of developers chasing the same deal."

Interra Development Partners will focus on "high-growth" areas. In the west, the joint venture will focus on the San Francisco Bay Area; California's Central Valley, including Sacramento and Stockton; and San Diego County, Orange County and Riverside County in California. The joint venture will also focus on Miami and Dade County in Southeast Florida and the Midwest, including the Chicago Metro area, Indiana, Ohio and Michigan. "We were looking at markets that offered good growth prospects, barriers to entry, strong demographics and employment growth," Gamsjaeger says.

The joint venture has already closed on property for projects in Surprise, AZ; Peoria, AZ and Florida City, FL. A $12-million power center with 78,000 sf is planed for a 6.7-acre site in Surprise, AZ; a $25-million neighborhood center with 29,000 sf of retail is planned for a 10.25-acre site in Peoria, AZ and a $25-million retail development with approximately 85,000 sf of retail is planned for an 11.5-acre site in Florida City, FL, Gamsjaeger tells GlobeSt.com.