Inland Western Retail Real Estate Trust recently acquired two shopping centers in Florida and a distribution facility in Texas.
The total value of the transactions was not disclosed.
Inland purchased 200,404 square feet of the 324,108-square-foot community retail center known as Mitchell Ranch Plaza, which is located at 3100 Little Road in New Port Richey, Fla. Inland paid more than $34 million for the property, which is anchored by a 44,840-square-foot Publix supermarket, with Marshall’s, Ross Dress for Less, PetsMart, Pier 1, and other area retailers.
AIG Baker MRP LLC sold the property.
Governor’s Marketplace Shopping Center, located at 1564 Governor’s Square Blvd. in Tallahassee, sold for $37.5 million. It is a 265,364-square-foot community shopping center featuring Bed Bath & Beyond, Famous Footwear, Marshall’s, Michael’s, Old Navy, Petco, Sports Authority, and an assortment of other national and local tenants.
Inland also purchased one of its first non-retail properties, a 316,800-square-foot Wrangler distribution facility in El Paso, Texas.
Wrangler will lease the building, located at 12173 Rojas Drive, for an initial term of 20 years under a triple net lease.
The property is in a 2,000-acre industrial park with 54 other buildings, which are leased by a variety of companies, including Ford Motor Co., UPS, Hamilton beach, Procter Silex and Bosch. These were not part of the transaction.
Wrangler is a subsidiary of VF Corp., a jeans maker and producer of a wide range of brands from Lee to Rustler and Chic to Wrangler.
Inland Western has been expanding quickly since it began purchasing properties about one year ago, with more than 60 properties now in its portfolio. Most of these properties are located west of the Mississippi River.
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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