A joint venture of an Inland Diversified Real Estate Trust Inc. subsidiary and affiliates of Territory Inc. acquired a majority interest in the Territory Portfolio, which contains six grocery-anchored or home improvement store-anchored retailin Las Vegas. The joint venture valued the portfolio at approximately $296.3 million.
The portfolio contains about 1.7 million sq. ft. of space and includes the 857,498-sq.-ft. Centennial Center, 193,009-sq.-ft. Centennial Gateway, 525,225-sq.-ft. Eastern Beltway, 96,604-sq.-ft. Eastgate, 44,472-sq.-ft. Cannery Corner and 30,408-sq.-ft. Lowe’s Plaza. The properties were developed between 1999 and 2009. Walmart and Lowe’s Home Improvement anchor most of the centers.
“We feel that this portfolio offers a strong mix of anchor tenants in key demographic areas in Las Vegas,” said Lou Quilici, senior vice president of Inland Real Estate Acquisitions Inc., in a statement. “Population around the centers averages more than 100,000, with average household incomes around $81,000, which indicates a very stable base of shoppers. This stability is evidenced by the long-term tenancy and strong renewal rate for the vast majority of the tenants despite the economic slowdown over the past several years.”