Retail Trusts Jointly Buy $97.6M Texas Shopping Center

Law360, New York (October 24, 2011, 2:06 PM EDT) -- Inland Western Retail Real Estate Trust Inc., a retail investment trust based in Chicago, and RioCan Real Estate Investment Trust, Canada's largest REIT, have jointly purchased a 487,000-square-foot shopping center in Texas for $97.6 million, the buyers announced Monday.

The acquisition is part of an ongoing joint venture between the two REITs aimed at growing self-managed Inland Western's portfolio and helping RioCan enter the U.S. market.

The 1890 Ranch Shopping Center, located in fast-growing Cedar Park, Texas, a suburb of Austin, is anchored by branches of...
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