REAL ESTATE

Inland Western acquires Texas shopping center for $35 million

BY Staff Writer

Oak Brook, Ill. — Inland Western Retail Real Estate Trust announced Wednesday the acquisition of Sawyer Heights Village in a joint venture with RioCan Real Estate Investment Trust.

Sawyer Heights Village, a 107,626-sq.-ft. power center located just outside the central business district in Houston, was purchased for approximately $35 million.

“Texas ranks number two in the nation for having the highest economic output over the past decade, and we are pleased to expand our Texas portfolio to more than 9.6 million sq. ft. under management,” said Shane Garrison, chief investment officer of Inland Western.

Sawyer Heights Village is anchored by Staples and PetSmart and shadow-anchored by Target.

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REAL ESTATE

Tri-Land announces new leases

BY Staff Writer

Westchester, Ill. — Tri-Land Properties announced Thursday that Marshalls and Qdoba Mexican Grill have joined the company’s projects in Indiana and Minnesota.

At Southern Plaza, a 335,000-sq.-ft. Indianapolis shopping center anchored by Kroger and Office Depot, Marshalls has opened a 24,084-sq.-ft. store.

At Century Plaza, a 300,592-sq.-ft. shopping center located in Merrillville, Ind. anchored by Staples and Old Time Pottery, Qdoba Mexican Grill has opened a 2,700-sq. ft. Mexican fast-casual restaurant.

Also, in related news, Blaine Oriental Market has expanded to 4,280 sq. ft. at Oak Park Plaza, a 95,340-sq. ft. shopping center in Blaine, Minn.

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REAL ESTATE

Brooks Brothers to open at Renaissance at Colony Park

BY Staff Writer

Ridgeland, Miss. — Renaissance at Colony Park announced that Brooks Brothers is joining its tenant lineup and is scheduled to open a 7,500+-sq.-ft. store in Ridgeland, Miss., in November. Currently, the nearest Brooks Brothers stores to the Jackson (Miss.) metropolitan area are in New Orleans and Memphis.

Other recent openings at Renaissance at Colony Park include Another Broken Egg Café and Apricot Lane Boutique. Opening soon are SOMA Intimates and Altar’d State Christian Stores.

The open-air Main Street-style center is in the midst of leasing Phase two, which is slated for a fall 2012 opening. Upon completion of the second phase, Renaissance at Colony Park will consist of approximately 500,000 sq. ft. of building space on 57 acres and 50,000 sq. ft. of office space above the retail shops.

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