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Inland Real Estate forms JV to develop shopping centres in southeastern US

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Inland Real Estate has formed a joint venture (JV) with MAB American Retail Partners to develop grocery-anchored shopping centres in select markets across the southeastern US.

The five-year development programme will target metropolitan areas in the Carolinas, Georgia, Florida, Virginia and Washington, D.C.

The project may result in the construction of about 20 new grocery-anchored shopping centres with a total market value of around $325 million.

Inland Real Estate will have rights to all grocery-anchored, build-to-suit opportunities in the southeastern US sourced by MAB.

After site approval by IRC, the company will provide 90% of the equity required to fund approved project costs.

MAB will be responsible for the remaining 10% of the equity, and venture management, sourcing and acquisition of sites, project financing as well as all property and development duties.

The project will feature a 50,000 square foot grocery store with about 20,000 square foot of additional retail space.

Inland Real Estate president and chief executive officer Mark Zalatoris said, "Our development joint venture with MAB provides us with the opportunity to develop and acquire brand new, high quality, grocery-anchored shopping centers after stabilization and at a discount to market value, and allows us to efficiently enter the vibrant southeastern region."

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