OAK BROOK, IL-A joint venture of Inland Diversified Real Estate Trust and Territory Inc. acquired the majority interest in six retail properties in Las Vegas for approximately $296.3 million.
The portfolio purchase by a subsidiary of Inland Diversified and affiliates of the seller Territory, one of Nevada’s top developers of open-air shopping centers, involves six retail centers totaling about 1.7 million sf, company officials say in a prepared release. The properties were built between 1999 and 2009 and are anchored by grocery or home improvement retailers. Inland states that among the anchor tenants are Wal-Mart, Sam’s Club and Lowe’s Home Improvement.
Lou Quilici, senior vice president of Inland Real Estate Acquisitions, Inc., who facilitated the transaction on behalf of Inland Diversified, says of the purchase: “We feel that this portfolio offers a strong mix of anchor tenants in key demographic areas in Las Vegas. 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.”
The six properties that changed hands are: Centennial Center, an 857,498-sf property anchored by a Wal-Mart Supercenter, Sam’s Club and Home Depot; Centennial Gateway, a 193,009-sf center s located next to Centennial Center; Eastern Beltway, a 525,225-sf complex anchored by Wal-Mart Supercenter and Sam’s Club; Eastgate, a 96,604-sf property that is shadow-anchored by a Wal-Mart Supercenter, Del Taco and Red Lobster. Also part of the deal are Cannery Corner, a 44,472-sf property shadow-anchored by Lowe’s Home Improvement and Sam’s Club and Lowe’s Plaza, a 30,408-sf property that is shadow-anchored by Lowe’s Home Improvement.