Weingarten Realty Acquires 33 Acres of Land
December 01 2011 - 3:16PM
Business Wire
Weingarten Realty Investors (NYSE: WRI) announced it has entered
into a joint venture partnership with Hilltop Sand and Gravel
Company, Inc. (HSG) to develop Hilltop Village Center, a 370,000
square foot, Wegmans anchored, mixed use project in Fairfax County,
Virginia, located at Telegraph Road and Beulah Street in the
Alexandria area of the County. The project is WRI’s initial entry
into the northern Virginia/DC/Baltimore market and consists of
270,000 square feet of retail space and a separate parcel to be
sold for a 100,000 square foot office building development.
Wegmans, one of the Mid Atlantic’s top performing grocery
retailers, will build a 140,000 square foot store which will open
in 2014. Wegmans currently has six stores in Virginia and four
stores in Maryland.
The property, which is surrounded by residential subdivisions
and across the street from Fort Belvoir, a major US Army
installation adding 19,000 military and civilian positions through
the Base Realignment and Closure Act (BRAC), has been owned by HSG
for almost 100 years. HSG has spent the last four years securing
zoning through Fairfax County and closing part of a former
construction debris landfill located on a portion of the property.
HSG is contributing the property to the joint venture and
Weingarten is providing the capital financing as well as
construction, leasing and property management expertise. The
venture has contracted with L.F. Jennings for the construction of
the project. Other key members of the consulting team include KLNB
Retail, Rounds Vanduzer Architects and Dewberry Engineers.
The center will open in 2014 and will benefit from extensive
offsite improvements planned for Telegraph Road and Beulah Street
as well as other regional traffic enhancements designed to
accommodate the growth at Fort Belvoir including the recently
completed extension of Fairfax County Parkway, the current
development of the Mulligan Road connector, and future widening of
the Route 1 corridor.
Jeff Harrison, regional vice president for WRI, stated, “While
the opening is still over two years away we are already 65%
pre-leased with another 20% of the space under negotiation. We
believe the strong interest reflects the superb demographics of the
location with a trade area of over 200,000 people, average
household incomes above $100,000 and college education levels of
50%. The strength of Wegmans and the center’s high profile location
will insure the desirability of this location for retailers and
customers for the long term.”
Robert Smith, senior vice president of development and
acquisitions, stated, “The dynamics of the northern Virginia and
Maryland region are obviously compelling and we are extremely
pleased to begin our expansion into the DC market through this
venture to develop Hilltop Village Center. Not only are the
attributes of the site extraordinary, the venture reflects the
unique and flexible approach WRI can take to structure a deal and
apply the capabilities from our national platform to bring a
complex opportunity to fruition.”
About Weingarten Realty
Weingarten Realty Investors (NYSE: WRI) is a commercial real
estate owner, manager and developer. At September 30, 2011, 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 386 developed income-producing properties
and 10 properties under various stages of construction and
development. The total number of properties includes 317
neighborhood and community shopping centers located in 22 states
spanning the country from coast to coast. The Company also owns 76
industrial projects located in California, Florida, Georgia,
Tennessee, Texas and Virginia and three other operating properties
located in Arizona and Texas. At September 30, 2011, the Company
operated a portfolio of properties representing approximately 74.7
million square feet. To learn more about the Company's operations
and growth strategies, please visit www.weingarten.com.
Weingarten Realty Invest... (NYSE:WRI)
Historical Stock Chart
From Apr 2024 to May 2024
Weingarten Realty Invest... (NYSE:WRI)
Historical Stock Chart
From May 2023 to May 2024