Weingarten Realty Investors Announces the Acquisition of a Four Property Portfolio
March 02 2004 - 1:48PM
PR Newswire (US)
Weingarten Realty Investors Announces the Acquisition of a Four
Property Portfolio HOUSTON, March 2 /PRNewswire-FirstCall/ --
Weingarten Realty Investors announced today that the Company has
purchased four shopping centers comprising 1.1 million square feet
and representing an investment of $160.4 million from TFK Retail,
Ltd., a Texas limited partnership. First Colony Commons is a
410,000 square foot community center located at the southwest
quadrant of US Highway 59 and Williams Trace Boulevard in Sugar
Land, Texas. Anchored by Home Depot, Michael's, Office Depot and
Conn's Appliances, the center is over 95% leased. TJ Maxx Plaza is
a 161,900 square foot center located in Kendall (Miami), Florida at
the southwest corner of SW 117th Avenue and Sunset Boulevard (SW
72nd Street). Anchored by TJ Maxx and Winn Dixie, the center is
more than 95% leased. Weingarten purchased 377,800 square feet of
Largo Mall, a community center that is anchored by a
corporately-owned Albertson's and Target, as well as Marshall's,
Bed, Bath & Beyond, Petsmart, Staples and Michael's. Located in
St. Petersburg, Florida at the southeast corner of Ulmerton Road
and Seminole Avenue, the center is currently over 94% leased. Tates
Creek is a 184,500 square foot shopping center located at the
northwest corner of Tates Creek Road and Man O' War Boulevard in
Lexington, Kentucky. The center is 98% occupied, and is anchored by
Kroger, the largest grocer in this market, and Rite Aid. The entry
into Kentucky was a logical progression in Weingarten's footprint
in the southern part of the United States from coast to coast. The
seller was represented in the transaction by Rusty Tamlyn and Ralph
Tullier of Trammell Crow Company's Houston office. According to
Drew Alexander, President and Chief Executive Officer of
Weingarten, "We are pleased with our success in acquiring these
four high quality, well-located shopping centers, and with the
entrance into our 20th state of Kentucky. These four centers have
strong anchors, good demographics, high barriers to entry, and are
typical of the high quality properties in which we invest."
Weingarten Realty Investors is a Houston, Texas, based real estate
investment trust with 334 income-producing and new development
properties in 20 states that span the southern part of the United
States from coast to coast. Included in the portfolio are 273
neighborhood and community shopping centers and 61 industrial
properties aggregating 44.6 million square feet. The Company's
common shares are listed on the New York Stock Exchange, trading
under the symbol "WRI". Please visit Weingarten's website at
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 known 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, which may impact the Company's performance.
http://www.newscom.com/cgi-bin/prnh/19991216/WRILOGO DATASOURCE:
Weingarten Realty Investors CONTACT: Tracy Pursell of Weingarten
Realty Investors, +1-713-866-6050 Web site:
http://www.weingarten.com/
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