Weingarten Realty Investors Announces Florida Portfolio Acquisition of Seven Properties
October 11 2006 - 6:54PM
PR Newswire (US)
HOUSTON, Oct. 11 /PRNewswire-FirstCall/ -- Weingarten Realty
Investors (NYSE:WRI) announced today the portfolio acquisition of
seven neighborhood/community anchored retail centers totaling
1,259,000 square feet for $325 million. All seven properties are
located in highly desirable locations within Florida's three
largest metropolitan markets of South Florida, Orlando, and
Tampa/St. Petersburg. The centers are leased to a diverse mix of
strong national retailers including Publix, Albertson's, Bed Bath
& Beyond, Ross Dress for Less, Stein Mart, TJ Maxx, HomeGoods,
CVS, PETCO, and Office Depot. These properties complement
Weingarten's current footprint and, through existing regional
offices, allow the Weingarten team to efficiently provide a high
level of property management and leasing. Total Square Center Name
Feet Location Anchors Occupancy Alafaya Ovieda Publix, Square
176,486 (Orlando), FL Planet Fitness 100% Albertson's, Marketplace
Stein Mart, at Dr. HomeGoods, Phillips 327,561 Orlando, FL Office
Depot 99% East Lake Palm Harbor Publix, Woodlands 140,103 (Tampa),
FL Walgreens 91% International Bed Bath & Beyond, Drive 185,664
Orlando, FL Ross, TJ Maxx 100% Kendall Corners 96,515 Miami, FL
Ashley Furniture 100% Palm Lakes Margate (Ft. Plaza 113,752
Lauderdale), FL Publix, CVS 99% South Dade Publix, Shopping Bed
Bath & Beyond, Center 219,473 Miami, FL PETCO 100% "The
combination of exceptional locations, very high quality anchor
tenants, and high occupancy rates make this an outstanding
acquisition for us. These properties bring Weingarten's portfolio
in Florida to 34 shopping centers totaling 5.5 million square feet.
Florida is one of the fastest growing markets in the country and we
are very pleased to have such a strong position in this important
market. Additionally, including this acquisition, our year-to-date
acquisition volume totals $794 million, the highest level in the
Company's history. We are very pleased with our success this year
acquiring quality properties in high growth markets with
significant barriers to entry," said Drew Alexander, President and
Chief Executive Officer. As one of the largest real estate
investment trusts listed on the New York Stock Exchange, Weingarten
Realty Investors (NYSE:WRI) is focused on delivering solid returns
to shareholders by actively developing, acquiring, and intensively
managing properties in 21 states that span the southern portion of
the United States from coast to coast. The Company's portfolio of
360 properties includes 295 neighborhood and community shopping
centers and 65 industrial properties, aggregating over 48 million
square feet. Weingarten has one of the most diversified tenant
bases of any major REIT in its sector, with the largest of its
5,200 tenants comprising approximately 3% of its rental revenues.
To learn more about the Company's operations and growth strategies,
please visit http://www.weingarten.com/ . Statements included
herein that state the Company's or Management's intentions, hopes,
beliefs, expectations or predictions of the future are
"forward-looking" statements within the meaning of the Private
Securities Litigation Reform Act of 1995, which by their nature,
involve know and unknown risks and uncertainties. The Company's
actual results, performance or achievements could differ materially
from those expressed or implied by such statements. Reference is
made to the Company's regulatory filings with the Securities and
Exchange Commission for information or factors that may impact the
Company's performance. DATASOURCE: Weingarten Realty Investors
CONTACT: Richard Summers of Weingarten Realty Investors,
+1-713-866-6050 Web site: http://www.weingarten.com/
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