SAN ANTONIO-In its fifth acquisition in 2011, partners Inland Western Retail Real Estate Trust Inc. and RioCan Real Estate Investment Trust have bought the 469,031-square-foot retail component of Alamo Ranch. The partners paid Alamo Ranch developer Archon Group LP $92.2 million for the asset.
Located at Loop 1604, State Highway 151 and Culebra Road, Alamo Ranch opened in 2008. The power center’s tenant line-up includes Best Buy, OfficeMax, PetSmart, Dick’s Sporting Goods, Marshalls and Ross Dress for Less. Alamo Ranch is shadow -anchored by Super Target, JC Penney and Lowe’s.
“San Antonio continues to outpace the nation with its growth, and Texas continues to outperform the U.S. average in affordability and consumer spending habits,” said Shane Garrison, chief investment officer of Inland Western in a statement announcing the buy. “Alamo Ranch is located in an excellent trade area. The center has a population of over 180,000 within a five-mile radius, including a large daytime population.”
Garrison went on to add that the joint venture would continue acquiring class A retail assets in high-growth metro areas.
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