$500M JV Formed for Development of Major Retail Properties in West
- Jan 14, 2008
Inland Western Retail Real Estate Trust Inc. and Juliet Cos. have just joined forces to execute the development of retail properties in leading metropolitan markets of the western states. The partnership will dole out $500 million on multi-tenant projects. As per the terms of the strategic joint venture, Inland Western will invest 90 percent of the equity, or as much as $112.5 million. Additionally, the company will take in profits for providing development, property management and leasing services for the projects. As for particular areas of interest, the joint venture, an Inland Western spokesperson told CPN today, “is targeting primarily Las Vegas, but will also look at Arizona, California, Utah, Oregon and Washington.”Inland Western and Juliet have joined forces in the past. The two are in the midst of developing Lake Mead Crossing, a 725,000-square-foot retail project in Henderson, Nev. Over the last year, Inland Western has been involved in a few notable partnerships. Last April, the REIT formed a $1 billion joint venture with a Morgan Stanley Real Estate-advised state pension fund for the acquisition of retail properties in major metropolitan markets across the United States. And in September, it teamed with Hampton Partners L.L.C. to purchase and renovate 17 former Albertsons supermarket stores accounting for an aggregate 780,000 square feet in the Denver and Boulder markets. Headquartered in Oak Brook, Ill., Inland Western engages in the acquisition, development and management of a range of retail properties. As of the close of the third quarter of 2007, the REIT held a portfolio of 305 properties totaling approximately 46.2 million square feet of retail space in 38 states. Las Vegas-based Juliet is a full-service development company focusing on the development, construction and management of commercial and residential real estate.