Chicago Urban Retail Properties said Tuesday it has formed a joint venture with Miles Crossing Retail on the acquisition of Indian Wells Crossing.
The mixed-use ground-up development on about 18 acres in Indian Wells, Calif. is slated to open in fall 2011.
The purchase of Indian Wells Crossing is Urban Retail’s third acquisition in two years, and its most recent ground-up project since the grand opening of Branson Landing in Branson, Mo.
Urban’s other recent acquisitions include Oakland Mall in Troy, Mich., and Manhattan Town Center in Manhattan, Kan.
Miles Crossing Retail, LLC is an entity controlled by real estate developer Jerry Fogelson of Chicago and architect Michael Kiner of the Kiner Group in Palm Springs, Calif.