Inland Western Retail Real Estate Trust, Inc. has announced the acquisition of 1890 Ranch in a joint venture with RioCan Real Estate Investment Trust. The 486,896-square-foot shopping center located in Cedar Park, TX was purchased for approximately $97.6 million.
The acquisition expands Inland Western’s Texas portfolio to more than 10 million managed square feet, including more than 1.5 million square feet in the Austin market.
“Cedar Park is located in the fourth largest region in Texas, and it’s one of the fastest growing areas in the country,” said Shane Garrison, chief investment officer of Inland Western, in a release. “We’re pleased to add 1890 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.”
1890 Ranch is anchored by an numerous national tenants, including PetSmart, Academy Sports, Cinemark, Ross Dress for Less and shadow-anchored by Super Target.
