DENVER—Inland American Real Estate Trust says it has acquired the 207,561-square-foot Quebec Square shopping center here for $52.25 million.
Quebec Square is 97% occupied and tenants include PetSmart, Ross Dress for Less, Office Depot, Party City and Big 5 Sports, among others. The property is shadow-anchored by a Walmart Super Center and Sam's Club, none of which were acquired.
“We believe Quebec Square is a dominant retail property with a solid national and regional tenant line-up, strong demographics and an ideal location trafficked by more than 65,000 vehicles per day,” said Christopher Covey, senior vice president of transactions for Inland American. “We are pleased to add this property to our retail portfolio, as it matches our long-term strategy of investing in multi-tenant, necessity-based retail properties, and believe it is well positioned for future growth.”
Quebec Square is the primary retail destination in the area, at a highly traveled intersection with a population of 100,000 within a three-mile radius. Inland American believes there are limited competing properties in the area and limited vacant land for future retail development, which should continue the center's experience of strong tenant demand and lease renewals.
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