Oak Brook, Ill. -- Inland Western Retail Real Estate Trust has announced the acquisition of Alamo Ranch in a joint venture with RioCan Real Estate Investment Trust. The 469,031-sq.-ft. 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 over 3 million sq. ft. of retail assets under management with 13 properties in total, all in Texas. Inland Western’s Texas portfolio includes more than 10 million managed sq. ft., including over one million sq. ft. in the San Antonio market.
Alamo Ranch is a power center tenanted by Best Buy, OfficeMax, PetSmart, Dick’s Sporting Goods, Marshalls and Ross Dress for Less. Alamo Ranch is shadow-anchored by Super Target, J.C. Penney and Lowe’s.