Inland Western Retail Real Estate Trust and RioCan Real Estate Investment Trust have acquired a San Antonio retail center for $92.2 million. The shopping center, called the Alamo Ranch, covers 469,031 square feet. The deal marks the fifth joint venture acquisition for the two REITs this year.
Inland Real Estate and PGGM have acquired two grocery-anchored retail centers for approximately $43 million. Their joint venture bought the Elston Plaza in Chicago for $18.9 million and the Brownstones Shopping Center in Brookfield, Wis., for $24.1 million.
Privately held Carter Validus Mission Critical REIT has agreed to acquire part of downtown Atlanta's former Macy's building for $94.7 million. The building is a 338,000-square-foot data center with six tenants. The sale is expected to close Jan. 3 and will be one of the largest in the Atlanta area in the past year.
Business at Saks took an immediate 20% to 25% hit after Lehman Bros. filed Chapter 11 in 2008, and the luxury department store felt the pain as consumers stopped spending, says CEO Steve Sadove. A better-than-expected recovery in the past year has the retail executive cautiously optimistic heading into the holidays.