Inland American Real Estate Trust, Inc. (“Inland American”) announced today the acquisition of the 207,561-square-foot Quebec Square shopping center located in Denver, Colorado. The property was purchased for $52.25 million.
Quebec Square is 97 percent occupied and tenants include PetSmart, Ross Dress for Less, Office Depot, Party City and Big 5 Sports, among others. The property is shadow-anchored by a Walmart Super Center and Sam’s Club, none of which were acquired.
“We believe Quebec Square is a dominant retail property with a solid national and regional tenant line-up, strong demographics and an ideal location trafficked by more than 65,000 vehicles per day,” said Christopher Covey, senior vice president of transactions for Inland American. “We are pleased to add this property to our retail portfolio, as it matches our long-term strategy of investing in multi-tenant, necessity-based retail properties, and believe it is well positioned for future growth.”
Quebec Square is the primary retail destination in the area, at a highly traveled intersection with a population of 100,000 within a three-mile radius. Inland American believes there are limited competing properties in the area and limited vacant land for future retail development, which should continue the center’s experience of strong tenant demand and lease renewals.
About Inland American Real Estate Trust, Inc.
Inland American Real Estate Trust, Inc. manages a large portfolio of commercial real estate assets with a focus on three asset classes - lodging, multi-tenant retail and student housing. As of September 30, 2014 Inland American owned 203 properties, representing approximately 23.5 million square feet of retail, industrial and office space, 8,318 student housing beds and 12,797 hotel rooms. For further information regarding Inland American, please refer to the company website at www.inlandamerican.com.
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