Inland, RioCan JV Pays $92M for Alamo Ranch Shopping Center
- Dec 19, 2011
RioCan Real Estate Investment Trust and Inland Western Retail Real Estate Trust purchased the mega-shopping center Alamo Ranch for $92.2 million. Alamo Ranch was built on a 61-acre site in 2008 and today is 88 percent occupied. Anchor include such national retailers as Best Buy, Dick’s Sporting Goods, Marshalls, OfficeMax, PetSmart and Ross Dress for Less, according to Commercial Property Executive.
The purchase of the Alamo Ranch marks the 13th retail property the joint venture owns in Texas and the fifth purchase this year for the 20/80 partnership, with Inland Western claiming the 20 percent interest.
The joint venture’s interest in Texas is not new; in 2010, it announced plans to buy a portfolio consisting of eight retail assets in the Dallas-Fort Worth, Houston and Austin areas for $173 million. The companies together own 1 million square feet of retail space in San Antonio. And their buying spree is not over, according to the San Antonio Business Journal, as they intend to continue purchasing Class A retail properties in high-growth metro areas.
Also making headlines this week is a new headquarters lease in the City View office building in Northwest San Antonio. Oil and gas company Forge Energy L.L.C. is currently establishing an office on the ninth floor of the building owned by KBS Realty Advisors, according to the San Antonio Business Journal. The company, founded in San Antonio this year, leased 11,858 square feet of space in City View, a very successful property in San Antonio, with a 94 percent occupancy rate.
Photo credits: http://alamoranchretail.com/