The Northern California properties include centers in Castro Valley, Sacramento, Vacaville, Fremont, San Jose, Benecia and Santa Rosa. All of the shopping centers are over 96% leased.
In Castro Valley, Weingarten acquired a 101,565-sf center anchored by PW Foods and a 24-Hour Fitness. In Sacramento, the company acquired the 76,697-sf Arcade Square anchored by Grocery Outlet and the 93,398-sf Discovery Plaza anchored by Bel Air Market.
In Fremont, Weingarten took control of the 195,000-sf Gateway Plaza, which is anchored by Raley's and a 24-Hour Fitness. In San Jose, it acquired the 134,000-sf Silver Creek Plaza anchored by Safeway and Walgreen's, and in Santa Rosa it acquired the 198,528-sf Stony Point Plaza anchored by Food-4-Less, Home Base and Rite Aid.
According to Scott Verges, Burnham's president and CEO, the sale of the portfolio demonstrates the ability to execute the liquidation plan for the company through portfolio sales, which are more cost effective, sometimes, than the sales of individual assets.
Burnham has sold its interests in 28 properties for a total of about $498 million since the intention to liquidate was first announced. Weingarten Realty Investors has 273 income producing properties in 15 states, including 216 neighborhood and community shopping centers.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
