"As we reviewed our portfolio strategy, Bellwood was one of several properties that was identified for possible disposition this year," says Drew Alexander, Weingarten's president and CEO. The Houston-based REIT is targeting what it considers to be non-strategic assets in the 254-property portfolio.
The 136,000-sf , 29-year-old property has been sold to an unidentified buyer. James Lee of Gulf South Investments has represented the buyer. Mark Witcher of Weingarten and George Cushing of Grubb & Ellis have negotiated the deal on behalf of Weingarten.
In a break down, the portfolio contains 55 industrial properties, one apartment complex and one office building with an aggregate of 30.5 million sf. Alexander says revenue generated by this year's sales will be funneled into retail properties that are more aligned with the company's growth strategy.
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