By Keith Loria, Contributing Editor
Inland American Real Estate Trust, Inc. has purchased two necessity-based shopping centers in Oklahoma and Texas for a combined total of approximately $94.7 million.
The transaction includes Rockwell Plaza, a 254,690-square-foot shopping center in Oklahoma City, Ok., and Stone Ridge Market, a 218,436-square-foot shopping center located in San Antonio, Texas.
“Both properties contain a diverse tenant mix with ideal locations in high-traffic retail corridors,” Jeff Manno, Inland American Real Estate Trust’s vice president of acquisitions, told Commercial Property Executive. “In addition, both Rockwell Plaza and Stone Ridge Market offer complete and diverse mixes of high-performing national tenants combined with strong, necessity-based retailers and shadow anchors.”
Inland America had been looking to build on its multi-tenant, necessity-based retail investment portfolio.
“Both of these properties are located in growing metropolitan areas with low unemployment averages,” Manno said. “Their demographics and positions for growth are well suited to our long-term strategy of investing in multi-tenant, necessity-based retail properties.”
Rockwell Plaza provides a diverse mix of more than 40 tenants and draws additional traffic from the center’s shadow-anchor, Target. It also benefits from the other high-traffic retail centers in the corridor, including Home Depot, Sam’s Club and Office Depot.
“Rockwell Plaza in Oklahoma City offers many attractive features that played a key role in our interest in the property. First, the center’s location at the intersection of Northwest Expressway and Rockwell Avenue allows for exposure to more than 66,000 vehicles daily,” Manno said. “In addition, approximately 161,000 residents live within a five-mile radius and over 500,000 consumers live within a 20 minute drive of the center, making the buying power in the region exceptional.”
Located in one of the fastest-growing metropolitan areas in the nation, Stone Ridge Market is strategically located at the northwest quadrant of U.S. Highway 281 and Evans Road Junction in San Antonio, drawing from a customer base that expands as far as 15 miles north of San Antonio.
“The center integrates a broad merchandising mix of destination-oriented tenants, including PetSmart, Sports Authority and Half Price Books,” Manno said. “The property is also shadow-anchored by the strong necessity-based retailer, H-E-B, and its newest store format, a 168,000-square-foot HEB plus! store.”
As of September 30, 2012 Inland American owned, directly or indirectly through joint ventures in which it has a controlling interest, 887 properties, representing approximately 48 million square feet of retail, industrial and office properties, 8,564 multi-family units and 16,098 lodging rooms.
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