Weingarten Realty Investors is offering 22 retail centres for sale in a bid to wind up a repositioning strategy which it started three years ago.
This is in addition to the pending deals it has available for a further 26 properties at $230m and the $100m in sales it has already completed this year. The company set a target of $300m to $400m of sales for this year and its chief executive, Andrew M Alexander, stated that it will easily reach its REIT which was set earlier this year.
The available properties have been listed with 11 brokerages, including JLL, HFF and CBRE, with three listings each. The 22 centers range in size. The Westgate Shopping Centre in Little Rock, Ark. measures 50000sf and is anchored by Stein Mart, and the Shasta Crossroads in Redding, Calif. measures 321000sf, anchored by Evans Furniture and Sport Authority.
The company has finalised around $1.2bn in asset sales since the start of its strategy. It sold Harrison Pointe in Cary, N.C., measuring 131022sf for $38.8m or $296/sf. The company is set to acquire $50m to $100m and invest $50m to $75m in development projects. Their main targets are densely populated primary markets, with high household income levels, including Houston, Washington DC, Atlanta and Seattle.
30 JULY 2014, USA
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