Inland Western Retail Real Estate Trust purchased its first two California properties totaling 199,806 square feet in separate transactions.
The total value of the transaction s was $79.6 million.
The two shopping centers include Larkspur Landing in Larkspur and North Ranch Pavilions in Thousand Oaks.
Larkspur Landing is located at 2257 Larkspur Landing Circle. The center comprises 136,994 square feet of specialty boutiques, retail stores and restaurants. The center, which has recently undergone more than $11 million in renovations, features a diverse tenant lineup that includes Bed, Bath & Beyond; 24-Hour Fitness; AAA; Starbucks; Weight Watchers; and others. Inland Western purchased the center for $61.1 million.
Inland Western also recently acquired the 62,812-square-foot North Ranch Pavilions shopping center at 1125-1185 Lindero Road in Thousand Oaks. Tenants include Bank of America, Cookies by Design, Prudential Realty, Hallmark, Malibu Gym and others. In addition, the center is shadow-anchored by a Vons grocery store, which was not part of this transaction. Inland Western purchased the center for $18.5 million.
Oak Brook, Ill.-based Inland Western Retail Real Estate Trust Inc. is a privately held real estate company.
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