Inland American Real Estate Trust, Inc., sponsored by affiliates of The Inland Real Estate Group of Companies, Inc., announced this week that it had acquired two necessity-based shopping centers in Oklahoma and Texas for $94.7 million. Information about the sellers and terms of the deal were not disclosed.
"These properties are a terrific addition to our retail portfolio and match our long-term strategy of investing in multi-tenant, necessity-based retail properties," said Jeff Manno, vice president of acquisitions for Inland American. "Both assets are dominant retail properties in their areas, with diverse tenant mixes and strong demographics to position them for future growth."
According to a San Antonio Business Journal report, the first property, Stone Ridge Market in San Antonio, Texas, is a 218,436-square-foot shopping center anchored by an H-E-B Plus! store. Other tenants include PetSmart, Sports Authority and Half Price Books. Stone Ridge Market is located at the northwest quadrant of U.S. Highway 281 and Evans Road. REATA Real Estate developed Stone Ridge Market as a joint venture with landowner Frank Sitterle/Big Springs LTD. Bob Barnes, a REATA founder, has described Stone Ridge Market's design as "Hill Country with an edge."
Located at the intersection of Northwest Expressway and Rockwell Avenue, Rockwell Plaza in Oklahoma City is positioned in a bustling retail corridor that is exposed to more than 66,000 vehicles daily. The center has more than 40 tenants, including Ross Dress for Less, Jo-Ann Fabrics and Crafts, PetSmart, K&G Men's Warehouse, RadioShack, Rue21, GameStop, Dots and Dollar Tree. The property is shadow-anchored by Target.
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