Inland Western nabs 25 Mervyns retail properties

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Inland Western Retail Real Estate Trust has purchased 25 Mervyns properties located in California and Texas for $221.8 million, the company said this week.   The total purchase includes nearly 2 million square feet of retail space.   Twenty-three of the retail Mervyns properties are in California, and two are in Texas. The transaction will include new long-term leases for Mervyns stores in all 25 locations.   The store locations in California include purchased include Bakersfield, Elk Grove, Escondido, Fontana, Fresno, Hanford, Highland, Lodi, Manteca, Morena Valley, Morgan Hill, Oceanside, Rancho Cucamonga, Redlands, Ridgecrest, Roseville, Sacramento, San Diego, Sun Valley, Temecula, Turlock, Vacaville, and Ventura.   The store locations in Texas are in McAllen and El Paso.   The average purchase price per square foot is about $117, and the average rent is $9.03 per square foot.   The agreement also allows for the sale and development of certain outlots...