Inland Diversified Pays $296M for 1.7 MSF Retail Portfolio

Consisting of structures developed between 1999 and 2009 the Territory portfolio totals 1.7 million square feet of retail space across the Las Vegas Valley. A number of major anchor tenants ensure the lasting appeal of the properties with the overall tenant roster featuring names such as Walmart, Sam’s Club and Lowe’s Home Improvement. The properties are placed in well-populated, economically stable areas, securing the new owners a solid shopper base, one that has, until now, been responsible for strong occupancy rates.

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