More Inland Western Retail REIT
I just checked Inland Western's property list and see that it owns twenty-five Mervyn's in California and Texas (two properties). Mervyn's is closing all its stores after Christmas. Inland Western bought the twenty-five properties in what looks like was a portfolio acquisition in September 2005. This acquisition occured after Mervyn's was sold by Target to two private equity firms. Somehow I don't think that Inland Western got a discount on its acquisition.
Inland Western lists 335 current properties, so the 25 Mervyn's account for less than 10% of the portfolio (there is no data on what percent of revenue they comprise). I know several of the Mervyn's locations in Southern California, and while in solid shopping centers, they are older, in need of some renovation and no longer the best location in the immediate retail area. Ten of the Mervyn's locations are in California's Central Valley that has been hard hit by the housing slump.