Weingarten Realty Acquires Urban Seattle Property
Weingarten Realty Acquires Urban Seattle Property
HOUSTON--(BUSINESS WIRE)-- Weingarten Realty Investors (NYS: WRI) , a leading owner, manager and developer of shopping centers, announced today the acquisition of Queen Anne Marketplace in Seattle, Washington. The shopping center is 70,000 square feet and anchored by Metropolitan Market, an upscale neighborhood grocer operating in a densely populated, high barrier-to-entry urban infill location. The 3 mile trade area enjoys a population of over 200,000 people with over 68% holding college degrees. The property was purchased in a joint venture between Weingarten Realty Investors and Bouwinvest in which WRI will hold a 51% interest. This is the first acquisition in the joint venture that seeks to invest approximately $275 million in high quality community and neighborhood shopping centers anchored by market-dominant retailers utilizing up to 50% leverage.
"We are pleased with the acquisition of this high quality shopping center with strong growth potential. It reflects our disciplined approach to enhancing our portfolio through acquiring properties with strong anchors located in high growth markets with strong demographics," said Drew Alexander, President and Chief Executive Officer.
About Weingarten Realty Investors
Weingarten Realty Investors (NYS: WRI) is a commercial real estate owner, manager and developer. At March 31, 2013, 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 288 developed income-producing properties and two properties under various stages of construction and development. The total number of properties includes 286 neighborhood and community shopping centers and four other operating properties located in 21 states spanning the country from coast to coast. At March 31, 2013, the Company's portfolio of properties was approximately 53.0 million square feet. To learn more about the Company's operations and growth strategies, please visit www.weingarten.com.
About Bouwinvest
Bouwinvest Real Estate Investment Management (REIM) B.V. is specialised in managing real estate portfolios for institutional investors. Bouwinvest currently manages three Dutch sector funds and mandates for institutional real estate investments in Europe, North-America and Asia/ Pacific. Total assets under management are EUR 5.6 billion. To learn more please visit www.bouwinvest.com.
Weingarten Realty Investors
Michelle Wiggs, (713) 866-6050
KEYWORDS: United States North America Texas Washington
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