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COLLEGE STATION, TX-Inland Western Retail Real Estate Trust Inc. has purchased Gateway Station Shopping Center for $6.5 million from a North Texas developer. The 23,431-sf shopping center is located at 1501 University Dr. East on the northwest edge of the Texas A&M University campus.
Frank Mihalopoulos of the Dallas area built the center in 2003-04. The fully leased center's tenant roster includes Talbots, Joseph A. Banks Clothiers, Kirkland's and Chico's. The stores are adjacent to a larger retail complex featuring Home Depot and other national retailers.
Five tenants--Kirkland's, Talbots, Joseph A. Banks, Chico's and Heartworks--each lease more than 10% of the total center. Chico's and Heartworks leases expire in 2009 while the rest expire in 2015. The average rental rate is $22 per sf per year.
Mihalopoulos handled his own negotiations with legal representation from attorney Boyce Graham. Mark Youngman handled the acquisition negotiations for Inland Western with legal representation by Dennis Holland. Inland Western, which paid cash for Gateway Station Shopping Center, has been an active buyer in Texas, accruing more than 1.5 million sf in the Dallas-Fort Worth market alone.
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