Inland Western Retail Real Estate Trust has purchased 25 Mervyns properties located in California and Texas for $221.8 million, the company said this week.
The total purchase includes nearly 2 million square feet of retail space.
Twenty-three of the retail Mervyns properties are in California, and two are in Texas. The transaction will include new long-term leases for Mervyns stores in all 25 locations.
The store locations in California include purchased include Bakersfield, Elk Grove, Escondido, Fontana, Fresno, Hanford, Highland, Lodi, Manteca, Morena Valley, Morgan Hill, Oceanside, Rancho Cucamonga, Redlands, Ridgecrest, Roseville, Sacramento, San Diego, Sun Valley, Temecula, Turlock, Vacaville, and Ventura.
The store locations in Texas are in McAllen and El Paso.
The average purchase price per square foot is about $117, and the average rent is $9.03 per square foot.
The agreement also allows for the sale and development of certain outlots on these 25 properties. Inland Western would share in the profits from these outlot deals.
Inland Western, sponsored by an affiliate of The Inland Real Estate Group of Companies, owns and manages more than 35 million square feet of commercial real estate. Inland’s national headquarters is in Oak Brook, Ill.
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