New Plan Excel Realty Trust, New York, and JPMorgan Fleming Asset Management have formed a joint venture to acquire "institutional grade" community and neighborhood shopping centers nationwide.New Plan said the two partners have made equity commitments totaling $150 million to the venture, NP/I&G Institutional Retail Co. The contribution is split 80% and 20% between a JP Morgan affiliate and New Plan. New Plan, a retail real estate investment trust, will be responsible for initiating acquisitions for the venture, and managing and leasing the properties. The venture has already made its first acquisition -- a 251,236-square-foot Lake Grove, N.Y., grocery-anchored community shopping center -- for approximately $44 million, New Plan said.
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