The joint venture expects to acquire an additional $100 million of centers each year of the venture. The term for the venture is expected to be between five to seven years, Windley tells GlobeSt.com.

[IMGCAP(2)]The focus of the venture will be the acquisition of shopping centers adjacent to newer Wal-Mart Supercenters, or similar national discount retailers such as Target, Windley says. The joint venture allows Schostak to continue adding properties to the portfolio and allows BVT to enter the shadow-anchor market, Windley says.

"We particularly like centers in small to mid-size markets where the Wal-Mart and the retail around it becomes the center of gravity for the entire market and the surrounding area," he says. The focus on shopping centers offers the venture different exit strategies such as selling the entire portfolio off in the future, selling "small groups" of centers or selling single properties, Windley says. "The flexibility of an exit is attractive to us," he says. But, "we are not locked into a specific exit or a specific time frame," he adds.