HOUSTON AND LEAGUE CITY, TEXAS — Inland Real Estate Acquisitions, on behalf of Inland American Real Estate Trust, has acquired a five-property retail portfolio from NewQuest Properties for $172 million. Total, the properties, which are located in Houston and League City, add 710,000 square feet to Inland’s portfolio.
The properties included in the portfolio are:
– Antoine Town Center in Houston. One pad was added to a center Inland American already owns.
– Cy Fair Town Center in Houston. The center is fully leased and adds 177,064 square feet to a center Inland already owns.
– Eldridge Lakes in Houston. The fully leased center adds 45,000 square feet to a center Inland American already owns.
– Bay Colony Town Center in League City. It is currently 95 percent occupied and adds 121,000 square feet to a center Inland American already owns.
– Victory Lakes Town Center in League City. The 367,000-square-foot center, which is 90 percent leased, is a new acquisition for Inland.
“Inland has been very active in the retail space for the last 15 to 20 years,” said Jeff Manno, vice president of asset management for Inland American HOLDCO. “Inland American, which is the REIT that acquired these properties, has a pretty substantial presence in Texas.”
After the acquisition, Inland American now owns 60 shopping centers in Texas, totaling more than 5.5 million square feet.
“The tenancy and overall demographics of Texas in general are very favorable,” said Manno. “We’re looking to continue to focus on markets there long-term. We have the right fundamentals to keep these centers occupied and performing well.”
Prudential Mortgage Capital Co. provided financing for the transaction, which was arranged by Matt Tice, vice president of Inland Real Estate Acquisitions.
“Prudential and Inland American saw this as an opportunity to expand our relationship and complete a transaction that is win-win for all parties,” said Tice in a statement.
— Savannah Duncan