Retail Space Growing More Competitive

CHICAGO—The market for retail acquisitions has become far more competitive with aggressive pricing and a good deal of cap rate compression. And at REITWeek 2013: NAREIT’s Investor Forum, held this week in Chicago, officials from the Inland Real Estate Corporation outlined their strategy to continue growing.  

In addition to on-going efforts to upgrade their existing retail portfolio, largely spread across the Upper Midwest, IREC has formed several joint ventures with pension funds such as the New York State Teachers’ Retirement System and PGGM, a Dutch pension fund. Of the latter, which began in 2010, Mark Zalatoris, IREC president and CEO said that “this venture has added $300 million in gross value to our portfolio.”