For more retail coverage, click GlobeSt.com/RETAIL.
McALLEN, TX-Inland Western REIT has bought its second property in the Rio Grande Valley, picking up a neighboring shopping center for $29.2 million. The REIT's all-cash buy rolls the deed to 215,220 sf of the 249,635-sf Trenton Crossing.
The Oak Brook, IL-based Inland bought the 7600 N 10th St. property from a local owner, TNT Ltd. The class A asset sits beside the REIT's McAllen Shopping Center, a 17,625-sf development. The duo sits in the largest dominant trade area in McAllen, the largest city in the Rio Grande Valley.
Inland's portion of Trenton Crossing is 86% filled by 19 national credit tenants, with no rolls in their leases until 2009. The center is anchored by a 55,000-sf Hobby Lobby, which is tied to a lease that expires in 2018. Other big boxes are Ross Dress For Less, Marshalls, Bealls and PetsMart. Built in 2003, Trenton Crossing has an average rental rate of $17 per sf.
Other national developers and retail owners recently entered McAllen. Indianapolis-based Simon Property Group is developing a 167-acre mixed-use project while Houston-based AmREIT is getting ready to start construction on a $40-million, 400,000-sf power center.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
