Inland launches retail property fund
Inland Institutional Capital, formerly known as Inland Institutional Capital Partners Corp., has launched Inland Retail Property Fund, according to IREI’s Fundtracker database. The firm did not comment on its fundraising efforts.
The new open-end fund follows a core-plus investment strategy and has raised $100 million in equity commitments so far. The fund focuses on retail and shopping centers properties, which include neighborhood centers, community centers, lifestyle centers and outlet centers throughout the United States. Target anchor tenants will be necessity retailers such as grocery, drug, and clothing stores, while the focus for in-line tenants will be restaurants, specialty food stores, health clubs and hobby retailers.
In recent transactions, an affiliate of Inland acquired New Town Village Center, a grocery-anchored shopping center in Owings Mills, Md. The property comprises more than 11 acres and includes 117,593 square feet of retail space.