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Jan. 9, 2013

Inland Diversified Pays $296M for 1.7 MSF Retail Portfolio

By Alex Girda, Associate Editor

Inland Diversified Real Estate Trust Inc. has acquired the majority interest in 1.7 million-square-foot Las Vegas Valley retail portfolio. A joint venture  of an Inland Diversified subsidiary and affiliates of seller Territory, Inc., paid $296.3 million for six retail centers, which are anchored by grocery stores or home improvement stores.

Developed between 1999 and 2009, the portfolio features a tenant roster that includes national retailers like Walmart, Sam’s Club and Lowe’s Home Improvement. The  centers are located in well-populated, economically stable areas, securing the new owners a solid customer base that has, until recently, generated strong occupancy rates.

The lportfolio consists of the following properties:

-          Centennial Center – 857,498 square feet; anchor tenants are Walmart Supercenter, Sam’s Club and Home Depot.

-          Centennial Gateway – 193,009 square feet; located near Centennial Center; anchor tenants are Sportsman’s Warehouse, 24 Hour Fitness, Walgreens and Smash Burger.

-          Eastern Beltway – 525,225 square feet; anchored by Walmart Supercenter and Sam’s Club. Other notable tenants are Ross Dress for Less, Office Max, Petco and Hallmark.

-          Eastgate – 96,604 square feet; tenant roster features Office Depot, Party City, Payless ShoeSource and Bath & Body Works. The center is shadow anchored by Walmart Supercenter, Del Taco and Red Lobster.

-          Cannery Corner – 44,472 square feet; tenants include Famous Dave’s BBQ, Five Guys Burgers and Fries, Chipotle Mexican Grill; shadow anchored by Lowe’s Home Improvement and Sam’s Club.

-          Lowe’s Plaza – 30,408 square feet; shadow-anchored by Lowe’s Home Improvement; tenant roster includes Qdoba Mexican Grill, FedEx and Starbucks.

Photo: Business Wire