Weingarten Realty Announces the Acquisition of Two Retail Shopping Centers
November 29 2010 - 8:00AM
Business Wire
Weingarten Realty (NYSE: WRI) announced today the acquisition of
two retail shopping centers totaling 636,000 square feet. Both
acquisitions are high-quality supermarket anchored centers located
in high density core markets.
Edgewater Marketplace located in Denver, CO is an infill
property with a population of 159,000 within a three mile radius.
The center is anchored by King Sooper (Kroger) the market leader in
Supermarkets and also includes Target, which owns their facility.
The 145,000 square foot project is 98% leased.
The second acquisition is Village Plaza at Bunker Hill a 491,000
square foot project located in Houston, Texas along the heavily
trafficked I-10 Freeway. This center includes a HEB supermarket, an
Academy Sports and Outdoors, Babies R Us and PetSmart, along with
other great retailers. This center boasts a three mile population
of over 150,000 with a average household income of $110,000 per
year.
Bunker Hill was acquired in a joint venture with the current
owner/developer, Fidelis Realty Partners, where WRI purchased 58%
of the project.
“The addition of these properties further enhances the quality
of our portfolio. We are pleased that we have exceeded our goal of
$75 to $125 million, as year–to-date we have closed on $173 million
of acquisitions. Our blended initial yield for our 2010
acquisitions is close to 7%. We continue to focus on our strategy
of strengthening the Company’s portfolio with attractive
acquisitions that provide strong future growth opportunities,”
stated Drew Alexander, President and Chief Executive Officer.
About Weingarten Realty Investors
Weingarten Realty Investors (NYSE: WRI) is a commercial real
estate owner, manager and developer. At September 30, 2010, the
company owned or operated under long-term leases, either directly
or through its interest in real estate joint ventures or
partnerships, a total of 378 developed income-producing properties
and 10 properties under various stages of construction and
development. The total number of properties includes 307
neighborhood and community shopping centers located in 22 states
spanning the country from coast to coast. The company also owns 78
industrial projects located in California, Florida, Georgia,
Tennessee, Texas and Virginia and three other operating properties
located in Arizona and Texas. At September 30, 2010, the Company’s
portfolio of properties was approximately 70.6 million square feet.
To learn more about the Company’s operations and growth strategies,
please visit www.weingarten.com.
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