OAK BROOK, Ill.--(BUSINESS WIRE)--Inland American Real Estate Trust, Inc. (“Inland American”) announced today the acquisition of two necessity-based shopping centers in Oklahoma and Texas for a combined total of approximately $94.7 million. The properties include Rockwell Plaza, a 254,690-square-foot shopping center in Oklahoma City and Stone Ridge Market, a 218,436-square-foot shopping center located in San Antonio.
“These properties are a terrific addition to our retail portfolio and match our long-term strategy of investing in multi-tenant, necessity-based retail properties,” said Jeff Manno, vice president of acquisitions for Inland American. “Both assets are dominant retail properties in their areas, with diverse tenant mixes and strong demographics to position them for future growth.”
Located at the intersection of Northwest Expressway and Rockwell Avenue, Rockwell Plaza is positioned in a bustling retail corridor that is exposed to more than 66,000 vehicles daily. The center has more than 40 tenants, including Ross Dress for Less, Jo-Ann Fabrics and Crafts, PetSmart, K&G Men’s Warehouse, RadioShack, Rue21, GameStop, Dots and Dollar Tree. The property is shadow-anchored by Target.
Stone Ridge Market
Stone Ridge Market is strategically located at the northwest quadrant of U.S. Highway 281 and Evans Road Junction in San Antonio. The center’s tenant roster includes PetSmart, Sports Authority and Half Price Books. The property is shadow-anchored by H-E-B’s newest store format, a 168,000-square-foot HEB plus! store.
About Inland American Real Estate Trust, Inc.
Inland American Real Estate Trust, Inc. focuses on acquiring and developing a diversified portfolio of commercial real estate located in the United States. The company also invests in joint ventures, development projects, real estate loans and marketable securities. As of September 30, 2012 Inland American owned, directly or indirectly through joint ventures in which it has a controlling interest, 887 properties, representing approximately 48 million square feet of retail, industrial and office properties, 8,564 multi-family units and 16,098 lodging rooms. Inland American is one of six REITs that are, or have been, sponsored by affiliates of The Inland Real Estate Group of Companies, Inc. For further information regarding Inland American, please refer to the company website at www.inlandamerican.com.