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SOUTHLAKE, TX-Inland Western Retail Real Estate Trust Inc. hasmade its first major investment in a mixed-use project by paying$142.9 million for a 25% stake in the Southlake Town Squaredevelopment. The Oak Brook, IL-based REIT will act as a minoritypartner in Southlake Town Square, while project developer Cooperand Stebbins LP will maintain its majority partner status.
"Our investment in Southlake was a way to take out Cooper andStebbins' limited partners and expand the project," says Matt Tice,who negotiated the transaction for Inland.
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