Inland Diversified Real Estate Trust, Inc. (“Inland Diversified”) announced today the acquisition of a majority interest in the Territory Portfolio, six grocery- or home improvement-anchored retail properties located in Las Vegas. The properties were acquired in a joint venture between a subsidiary of Inland Diversified and certain affiliates of the seller, Territory, Inc., one of Nevada's leading developers of open-air retail shopping centers. The joint venture valued the portfolio at approximately $296.3 million. The portfolio totals approximately 1.7 million square feet and was constructed between 1999 and 2009. Anchor tenants include Walmart, Sam's Club and Lowe's Home Improvement. Lou Quilici, senior vice president of Inland Real Estate Acquisitions, Inc., facilitated the transaction on behalf of Inland Diversified.
Centennial Center, Las Vegas, Nevada (Photo: Business Wire)
“We feel that this portfolio offers a strong mix of anchor tenants in key demographic areas in Las Vegas,” Quilici said. “Population around the centers averages more than 100,000 people, with average household incomes around $81,000, which indicates a very stable base of shoppers. This stability is evidenced by the long-term tenancy and strong renewal rate for the vast majority of the tenants despite the economic slowdown over the past several years.”
Properties in the portfolio include:
- Centennial Center: This 857,498-square-foot center is anchored by a Walmart Supercenter, Sam's Club and Home Depot.
- Centennial Gateway: This 193,009-square-foot center is located next to Centennial Center. Tenants include Sportsman's Warehouse, 24 Hour Fitness, Walgreens and Smash Burger.
- Eastern Beltway: This 525,225-square-foot center is anchored by a Walmart Supercenter and Sam's Club. Additional tenants include Ross Dress for Less, Office Max, Petco, Hallmark and Payless ShoeSource.
- Eastgate: A 96,604-square-foot center shadow-anchored by a Walmart Supercenter, Del Taco and Red Lobster. Among the tenants included in the purchase are Office Depot, Party City, Payless ShoeSource and Bath & Body Works.
- Cannery Corner: A 44,472-square-foot center shadow-anchored by Lowe's Home Improvement and Sam's Club. Tenants include Famous Dave's BBQ, Five Guys Burgers and Fries and Chipotle Mexican Grill.
- Lowe's Plaza: A 30,408-square-foot center shadow-anchored by Lowe's Home Improvement. Tenants include Qdoba Mexican Grill, FedEx and Starbucks.
“It isn't very often a portfolio of this magnitude comes along,” commented Barry Lazarus, president and chief operating officer of Inland Diversified. “We were attracted to the portfolio's strength and mix of tenants, and as our due diligence progressed we felt the properties were a perfect fit with the demographics of their individual markets. We feel this portfolio is a great addition to Inland Diversified's asset base.”
About Inland Diversified Real Estate Trust, Inc.
Inland Diversified Real Estate Trust, Inc. is a public, non-listed real estate investment trust focused on acquiring a diversified portfolio of commercial real estate assets in various property categories, including: grocery-anchored shopping centers, necessity-based retail assets, single-tenant office and multi-family assets. As of September 30, 2012, the company owned approximately 9.5 million square feet of commercial real estate, as well as 444 multi-family units, in 27 states, with a portfolio of approximately $1.8 billion in assets. For additional information, please refer to www.inlanddiversified.com.
Inland Marketing & Communications, Inc.
Joel Cunningham, (630) 586-4897
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.