WRI Weingarten Realty Investors

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/

Copyright