Inland Western Retail Real Estate Trust completed the purchase of three properties in the Dallas area and one in California’s Central Valley for an aggregate gain of 832,085 square feet.
The total value of the transactions was not disclosed.
Inland’s Texas acquisitions included Gateway Plaza Shopping Center in Southlake, Denton Crossing in Denton and Davis Towne Crossing in North Richland Hills.
The 358,195-square-foot Gateway Plaza is a community shopping center completed in 2000 and located about 25 miles north of Dallas. The Plaza, anchored by an 87,423-square-foot Kohl’s, features T.J Maxx, Bed Bath & Beyond, Old Navy, OfficeMax, Michael’s, Bank of America, Starbucks and an assortment of other national, local and regional tenants.
The 329,663-square-foot Denton Crossing is located about 25 miles northwest of Dallas. The community retail center is shadow-anchored by a Kroger grocery store, which Inland Western does not own. Inland Western’s tenants include Best Buy, T.J. Maxx, Bed Bath & Beyond, Michael’s, Old Navy, Famous Footwear, Pier 1 and Dress Barn, among other national and local tenants. Denton Crossing was newly constructed in 2004.
Davis Towne Crossing, also newly constructed in 2004, is located about 13 miles northeast of Dallas. The neighborhood shopping center is shadow-anchored by a Super Target, which Inland Western does not own. Inland Western’s tenants, which total 41,391 square feet, include Washington Mutual bank, Radio Shack, Quiznos, EB Games, and several local retailers.
Inland’s California purchase included the Plaza at Riverlakes in Bakersfield, which is about 100 miles north of Los Angeles, for $17 million.
This 102,836-square-foot center is anchored by a 58,000-square-foot Ralph’s Grocery Store. Other tenants include Baja Fresh, Wells Fargo, UPS Store, Supercuts, State Farm Insurance and other tenants. A Walgreen’s, not part of this transaction, is also a part of the shopping center.
Oak Brook, Ill.-based Inland Western is part of The Inland Real Estate Group of Cos. Inc., a national real estate conglomerate.
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