ML Realty Partners LLC, a development and acquisition company, has been launched as the result of a joint venture between Principal Enterprise Capital and ML Capital Ventures LLC. Principal, a subsidiary of Des Moines, IA-based Principal Financial Group, has provided a $150 million entity level investment. Ownership of the new company includes CEO and president Michael Luecht, Principal Enterprise Capital, and the employees of ML Realty Partners. The company will focus on the acquisition and development of industrial and office real estate primarily in Midwest and Southwestern United States. Acquisitions are expected to range from core product to value-added opportunities, while developments will vary from build-to-suit to speculative properties. ML Realty Partners will also assume ownership of a portfolio valued in excess of $20 million, including all Illinois and Texas properties previously acquired by ML Capital Ventures.