Weingarten's goal is to invest the money over three-to-four years and realize a 20%-plus net IRR to investors over a five-to-seven year hold. His plan is to purchase distressed and otherwise undervalued grocery-anchored properties with a value-add component at a cap rate between 9.5% and 10.5%, add the value and then sell at more normalized cap rates, say 8% to 8.5%.

"And that's how we'll make money--on the lower cap rate plus the added value from fixing and leasing," Weingarten tells GlobeSt.com.

WP Realty's expects its average deal will fall between 150,000- to 300,000 square feet and cost $15- to $25 million. He expects leverage in the range of 55- to 65%, which would allow the fund to acquire approximately $300 million worth of property.