Inland Western Retail Real Estate Trust, Inc. has acquired the Alamo Ranch in a joint venture with RioCan Real Estate Investment Trust. The 469,031-square-foot shopping center is located in San Antonio, Texas and was purchased for approximately $92.2 million.
The acquisition is the fifth this year for the Inland Western/RioCan joint venture, expanding the venture to more than 3 million square feet of retail assets under management with 13 properties in total, all in Texas. Inland Western’s Texas portfolio includes more than 10 million managed square feet, including over one million square feet in the San Antonio market.
“San Antonio continues to outpace the nation with its growth, and Texas continues to outperform the U.S. average in affordability and consumer spending habits,” said Shane Garrison, chief investment officer of Inland Western, in a release. “Alamo Ranch is located in an excellent trade area. The center has a population of over 180,000 within a five-mile radius, including a large daytime population. We’re pleased to add Alamo Ranch to our venture with RioCan, and we will continue to execute on our strategy of acquiring Class A retail properties in high-growth metro areas.”
Alamo Ranch is located at the convergence of Loop 1604, State Highway 151 and Culebra Road. The power center has an excellent line-up of national tenants, including Best Buy, OfficeMax, PetSmart, Dick’s Sporting Goods, Marshalls and Ross Dress for Less. Alamo Ranch is shadow-anchored by Super Target, JC Penney and Lowe’s.
