N E W S R E L E A S E
Inland Forms JV with Pine Tree Institutional
$100
Million per Year Slated for Ground-Up Shopping Centers
NORTHBROOK, Ill. (April 23, 2007) – Inland Real Estate
Corporation (NYSE:IRC) of Oakbrook, Ill., and Pine Tree
Institutional Realty, LLC of Lake Bluff, Ill., have formed a
joint venture partnership to develop $100 million in new
shopping centers per year over the next four years, primarily in
the Midwest. The first phase of the new venture, Pine
Tree-Inland Development I, LLC, will be managed and funded
by both partners. Pine Tree Commercial Realty, LLC, an affiliate
of Pine Tree Institutional, will be providing day to day site
selection, acquisition, development and leasing services, and
Inland will be actively advising the venture in all areas of
acquisition, leasing and tenant and community relationships.
About the new venture, Inland Chief Operating Officer Mark
Zalatoris said, “We’ve worked with Pine Tree over the past
10 years, so we are very familiar with their track record of
developing projects that became good investments for us and
enhancements to the Midwest communities we’re interested in.”
Mr. Zalatoris added that Inland typically acquires properties
that it believes are well tenanted, well located and ranging in
square footage from 75,000 to 300,000 square feet. He said this
venture will allow the company to explore ground-up
opportunities. “We believe that expanding into retail
development is a natural extension of our core business," he
said, "and we also hope that some of these developments may end
up in our portfolio on a long term basis.”
According to Tim Roe, a President
of Pine Tree Commercial Realty, the Pine Tree-Inland
venture was a natural outcome. “We already have a good working
relationship with Inland. Not only is there synergy and a nice
chemistry between our companies, but we genuinely like each
other,” he said. “They have experience in acquiring, managing,
selling and leasing shopping centers, and have a long track
record in developing retail properties in Inland's core market
area."
Mr. Roe said that Pine Tree-Inland Development has already
earmarked three projects that are under contract: a property in
Ft. Wayne, Ind., across from a lifestyle center on Illinois &
Thomas Roads, estimated to close in April; a property in St.
Joseph, Mo.; and a property in suburban Indianapolis. He said
that the JV is not looking at vacant land in both urban and
suburban areas as well as secondary markets depending on the
opportunity. “We’ll look at several factors based on our
combined experience that tell us which areas are ripe for growth
in retail or which opportunities make sense.”
John Haahr and Travis King of Silver Portal
Capital of San Diego advised both parties in the venture
negotiation.
Inland Real Estate Corporation, headquartered in Oak Brook,
Ill., is a self-administered and self-managed publicly traded
real estate investment trust that owns interests in 147
neighborhood, community and single-tenant retail centers located
primarily in the Midwestern United States.
Pine Tree Institutional Realty, LLC, an
affiliate of Pine Tree Commercial Realty, is involved in the
acquisition, ownership and disposition of real estate assets.
Pine Tree Commercial Realty, LLC is a full-service real estate
development company headquartered in Northbrook, Ill., with
branch offices in Indianapolis, Minneapolis, and Kansas City.
Since its founding in 1995, Pine Tree has acquired and developed
more than 50 properties valued at over $350 million. Projects in
both divisions are primarily located in the Midwest, although
they have recently expanded into the Western and Southeastern
U.S.
MORE.......
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WEB LINKS for further research:
Inland
Real Estate Corporation:
www.inlandrealestate.com
Pine Tree Commercial Realty:
www.pinetreecommercial.com
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