Inland Real Estate Corp., Oak Brook, Ill. has formed a new joint venture with PGGM, a Dutch pension fund administrator and asset manager, to acquire up to $270 million of grocery-anchored and community retail centers in Midwest U.S. markets. Upon the initial closing, PGGM will contribute $20 million of equity and Inland Real Estate will contribute three retail centers with a gross equity value of $45 million to the joint venture. The three Inland contributed properties include the 97,638-square-foot Shannon Square Shoppes in Arden, Minn., the 82,929-square-foot Mallard Crossing neighborhood retail center in Elk Grove Village, Ill., and the 170,122-square-foot Woodland Commons community retail center in Buffalo Grove, Ill.
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