Inland Diversified announces JV acquisition of Vegas portfolio
Oak Brook, Ill. -- Inland Diversified Real Estate Trust announced Monday the acquisition of a majority interest in a portfolio of six grocery/home-improvement-anchored retail properties located in Las Vegas.
The properties were acquired in a joint venture between a subsidiary of Inland Diversified and affiliates of the seller Territory Inc.; the joint venture valued the portfolio at about $296 million.
The portfolio totals 1.7 million sq. ft. and features anchors such as Walmart, Sam’s Club and Lowe’s Home Improvement. The specific properties are Centennial Center, Centennial Gateway, Eastern Beltway, Eastgate, Cannery Corner and Lowe’s Plaza.
“It isn’t very often a portfolio of this magnitude comes along,” said Barry Lazarus, president and COO of Inland Diversified. “We were attracted to the portfolio’s strength and mix of tenants, and as our due diligence progressed we felt the properties were a perfect fit with the demographics of their individual markets. We feel this portfolio is a great addition to Inland Diversified’s asset base.”