The balance of the generated revenue will be applied to debt reduction and development or rehab of existing properties in the portfolio, according to the REIT. The stock will be transferred Monday. Merrill Lynch & Co. and Salomon Smith Barney have served as the sale's book managers, with Legg Mason Wood Walker as co-manager.

This sale comes one week after Weingarten had signed a $145.5-million purchase agreement for 19 shopping centers in California. The terms also call for Weingarten to assume $132 million in loans hanging over the properties. The shopping centers are all supermarket-anchored properties located in the San Francisco, Sacramento and Los Angeles areas.

Weingarten Realty Investors currently holds 254 income-producing properties in 14 southwestern states. The 30 million sf encompass 197 shopping centers, 55 industrial properties, one apartment complex and an office building.