For more retail coverage, click GlobeSt.com/RETAIL.
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.
Tice points out that only the anchor space was acquired in New Forest Crossing. Earlier this year, the 21,120 sf of fully occupied shop space was sold to a tenant-in-common group from San Diego for $4.8 million.
In a first-time buy in Austin, the REIT spent $21 million for Southpark Meadows, a 257,926-sf power center that delivered in May at the southwest corner of Interstate 35 and Slaughter Lane. It is 92% filled by national and regional tenants. Wal-Mart and PetsMart anchor the development, which was sold by Austin-based Endeavor Real Estate Group LLC.
In south San Antonio, Inland bought the 167,754-sf Mission Crossing at 3002 Goliad St. The REIT paid $15.8 million to Chris Cox, a developer from Austin, for its fourth asset in the city. The recently redeveloped center is 84% occupied by retailers like Gold's Gym, Big Lots and Goodwill Industries.
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