RioCan, Inland Pay $93M for Alamo Ranch
Posted December 5, 2011
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DALLAS - In a free and clear deal, Toronto-based RioCan and Inland Western Retail REIT have acquired the 465,000-square-foot Alamo Ranch in San Antonio for $93 million. The going-in cap rate is 7.2 percent.
The deal closed with RioCan entering into a $67.5 million bank credit facility to fund its 80 percent stake in the three-year-old development in San Antonio. Alamo Ranch is RioCan's first investment in San Antonio. The JV partners are in the process of securing conventional third-party financing.
The shopping center is 88 percent leased and has a weighted average lease term of 6.6 years. It is shadow anchored by Target, JC Penney and Lowe's. Major tenants at the property include Best Buy, Marshalls, Ross Dress for Less, and Dick's Sporting Goods.
RioCan is targeting acquisitions in all four metropolitan markets of Texas.
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