WRI Weingarten Realty Investors

Weingarten Realty Investors Announces the Acquisition of Three Texas Properties HOUSTON, April 15 /PRNewswire-FirstCall/ -- Weingarten Realty Investors announced today that the Company has purchased a 50% partnership interest from Rioco Corporation in three shopping centers located in McAllen, Texas. The properties comprise 680,100 square feet and are currently 91% occupied. Weingarten will be responsible for the management and leasing of these properties. Las Tiendas, a 499,900 square foot center, is located at the southeast corner of Expressway 83 and McColl Road, and is anchored by Target and Mervyn's (corporately-owned), as well as Ross Dress For Less, Marshall's and Office Depot. Northcross, a 76,500 square foot center located at the northwest corner of North 10th Street and Nolana Loop, is anchored by Barnes & Noble and Blockbuster. The third property is HEB South 10th Street, located at the northeast corner of South 10th Street and Houston Street, and anchored by HEB supermarket, the dominant grocer in this market. Additionally, Weingarten has formed a venture with Rioco to explore other retail development opportunities in the McAllen area. The venture is currently assessing the viability of three retail sites in the McAllen marketplace with the expectation of commencing development by year-end. According to Drew Alexander, President and Chief Executive Officer of Weingarten, "We are pleased to have acquired an interest in these successful properties in the Rio Grand Valley, an area of the country which many of the major national retailers such as Target, Best Buy, Ross, Marshall's and Barnes and Noble are now focused and expanding into in order to provide goods and services to the US residents and Mexican nationals alike. Rioco is a highly successful and well-respected company in the Valley, and we believe that this investment is only the beginning of a long-term development/acquisition relationship." Weingarten Realty Investors is a Houston, Texas, based real estate investment trust with 337 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 276 neighborhood and community shopping centers and 61 industrial properties aggregating 45.1 million square feet. Weingarten has one of the most diversified tenant bases of any major REIT in its sector, with the largest of its 4,900 tenants comprising less than 3% of rental revenues. Listed on the New York Stock Exchange, the Company's common shares are traded under the symbol "WRI". For further information on the Company, please visit http://www.weingarten.com/ . 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