Search
 

Inland Grabs $55M Of TX Centers

HOUSTON-The REIT pays $18.3 million for the 143,428-sf New Forest Crossing within days of taking control of two other centers.

By Jennifer D. Duell | Updated on July 15, 2005

HOUSTON-Less than one month after it broke into the market, Inland Western Retail REIT has nabbed another shopping center along with a pair of properties in Austin and San Antonio. The buying spree has netted 569,108 sf of retail space for $55.1 million.

The Oak Brook, IL-based Inland put up $18.3 million for New Forest Crossing, a 143,428-sf center at 5805 E. Sam Houston Parkway in Houston. The center was acquired in an off-market transaction, says Matt Tice, the REIT’s acquisitions officer. Inland and the local seller, Lay/Lane Partners, were brought together by Terry Syler of Dallas-based Retail Connection, Tice tells GlobeSt.com.

Built in 2003, the center is 99% occupied. The anchors include Ross Dress for Less, 99 Cents Only, PetsMart and Big Lots. “It’s well-anchored and in a good area,” Tice says, adding the majority of leases have seven years left on their terms.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 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.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.