SEATTLE, April 20, 2012 /PRNewswire/ -- Seattle-based Nordstrom, Inc., (NYSE: JWN) announced today plans to open a new Nordstrom Rack in San Antonio, TX. The approximately 32,000-square-foot store is scheduled to open during fall 2012 at Alamo Quarry Market, a lifestyle and power shopping center owned and operated by American Assets Trust, Inc. (NYSE: AAT).
Nordstrom Rack is the off-price retail division of Nordstrom, Inc., carrying on-trend merchandise from Nordstrom stores and Nordstrom.com at 50 to 60 percent off original Nordstrom prices. Nordstrom Rack also offers a wide selection of apparel, accessories and shoes from many of the brands carried in Nordstrom stores. These items are purchased specially for Nordstrom Rack, with most at savings of 30 to 70 percent off.
Alamo Quarry Market is located in central San Antonio. The new Nordstrom Rack will join anchor tenants Bed Bath and Beyond, Michaels, Office Max, Old Navy and Whole Foods along with a movie theatre. The center also features Banana Republic, Gap, Pottery Barn, Restoration Hardware and several restaurants.
This will be the second Nordstrom Rack in San Antonio as the retailer operates a Nordstrom Rack at The Rim, and additionally a full-line store at The Shops at La Cantera. " San Antonio has been a great home for us since we first opened our full-line store at The Shops at La Cantera in 2005," said Geevy Thomas, president of Nordstrom Rack. "We're thrilled to be joining Alamo Quarry Market and hope our new store will help us to better serve our customers in the community.""We are delighted to bring Nordstrom Rack to Alamo Quarry Market, and this will certainly be welcome news to the community and our other tenants," said John W. Chamberlain, President and CEO of American Assets Trust, Inc. "This will be the second Nordstrom Rack to open at a property in our portfolio, the first being the Nordstrom Rack that is expected to open at Carmel Mountain Plaza in San Diego in the fall of 2012." About American Assets Trust, Inc. American Assets Trust, Inc. ("AAT") is a full service, vertically integrated and self-administered real estate investment trust, or REIT, that owns, operates, acquires and develops high quality retail and office properties in attractive, high-barrier-to-entry markets primarily in Southern California, Northern California, Hawaii and Oregon. AAT was formed to succeed to the real estate business of American Assets, Inc., a privately held corporation founded in 1967 and, as such, has significant experience, long-standing relationships and extensive knowledge of its core markets, submarkets and asset classes. AAT's retail portfolio comprises approximately 3.0 million rentable square feet, and its office portfolio comprises approximately 2.3 million square feet. In addition AAT owns one mixed-use property (including approximately 97,000 rentable square feet of retail space and a 369-room all-suite hotel) and over 900 multifamily units. AAT has elected to be taxed and intends to operate in a manner that will allow it to qualify as a REIT for federal income tax purposes. For additional information, visit www.americanassetstrust.com.
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