Combined Properties, Inc. has announced a joint venture with Chicago-based Heitman. The venture will seek to acquire up to approximately $200 million of institutional grade shopping centers in the Washington, D.C. and southern California metropolitan areas. Combined Properties already has a strong presence in both marketplaces, and it will manage the joint venture on a day-to-day basis as well as manage and lease each retail property acquired.
Heitman earlier this week also had activity in a previously-announced joint venture with REIT Ramco-Gershenson Property Trust. The joint venture acquired two centers for $52.9 million.
Combined Properties seeded the joint venture with Charles County Plaza, a recently renovated and expanded 142,500 square foot shopping center located in Waldorf, Maryland anchored by a 71,500 square foot Giant Food store, Linens 'N Things and Pier One. The firm leverages its in-house expertise in leasing and asset management to enhance the value of its holdings which benefits the local community and fund investors.