Non-traded REIT, Inland American Real Estate Trust (Inland American) announced today that it has acquired a shopping center in Edmond, Oklahoma for a purchase price of $33.7 million.
The 275,466-square-foot Bryant Square Shopping Center is located in a high-traffic area and services the 20,000 students at nearby University of Central Oklahoma as well as the Edmond branch of the OU Medical Center.
“This power center, with a grocery component, is a terrific addition to our retail portfolio due to its solid national tenant line-up, strong demographics and an ideal location trafficked by more than 40,000 vehicles per day,” said Christopher Covey, senior vice president of transactions for Inland American. “Bryant Square is a dominant retail property in the Edmond area and is well positioned for future growth,” he added.
With tenants such as Old Navy, Dollar Tree, Ross Dress for Less, Bed Bath & Beyond and Petco, Bryant Square Shopping Center is 94% leased. The property is shadow-anchored by a Super Target, Lowe’s, and Walmart Neighborhood Center, that were not acquired in this transaction.
The REIT, which normally focuses on lodging, multi-tenant retail, and student housing, owned 268 properties as of June 30, 2014. The properties total approximately 24 million square feet of retail, industrial, and office space, and include 8,313 student housing beds and 19,927 hotel rooms.