SAN ANTONIO – Inland American has purchased Westover Marketplace Shopping Center for an undisclosed sum. The 242,664-square-foot class A power center was sold by New York-based Coventry Real Estate Advisors.
“Inland American is long on San Antonio, and Texas in general, as markets they are focusing on for new acquisitions,” Chris Gerard, vice president of CBRE’s National Retail Investment Group, tells GlobeSt.com. “This center, being the dominant power center in the area, will provide a stable income stream for their REIT for many years to come.”
The property is 93% occupied with a variety of tenants, including Gander Mountain, PetSmart, Office Depot, Target, Lowe’s, as well as the recently developed Toys R Us/Babies R Us and Dollar Tree.
The shopping center, which is part of the Westover Hills master-planned development, is located where Loop 410 and Highway 151 intersect. This area of San Antonio has a population of more than 100,00 and boasts a number of attractions including Lackland Air Force Base, Sea World, Hyatt Hill Country Resort, and Northwest Vista College.
Gerard says the population and surrounding businesses played a major role in the shopping center sale.
“The growth in west San Antonio is staggering. The Alamo Ranch area is the fourth fastest-growing, master-planned community in Texas; and in Westover Hills, nearly every month during our sales process, a different company was announcing an expansion or new entry in the area with hundreds of new jobs.”
Gerard, Chris Cozby and Kevin Holland, of CBRE’s National Retail Investment Group, represented the seller. Oakbrook, IL-based Inland American was represented in-house.