Bartlett Towne Center, The Commons at Dexter, Summer Center and Southhaven Commons are the newest buys to come down the pike for the Houston-based REIT. Value Enhancement Fund II LLC, an investment fund managed by Lend Lease Real Estate Investments Inc., is the seller.
Shopping centers make up the largest portion of its portfolio, which currently includes 221 neighborhood and community shopping centers. Earlier this year, Weingarten took title to 19 shopping centers in California and more recently a center in Orlando.
The 179,000-sf Bartlett Towne Center is anchored by Kroger and Walgreen's. The 12-year-old center is 87.5% occupied. The two-year-old, 98% occupied Commons at Dexter is a 167,000-sf center that is anchored by Kroger and Stein Mart. Summer Center is 97.2% leased and also is anchored by Kroger and Stein Mart. Summer Center was constructed in 1956 and redeveloped in 1992. The 117,000-sf Southaven Commons is 10 years old and carries an 84.5% occupancy. Its tenant roster includes Seesel's and Walgreen's.
Drew Alexander, Weingarten's president and CEO, says the Memphis area has been targeted for buys because the company has an established presence in that market. It owns five industrial properties and a small retail property in the Summer Center area. He says Memphis is well known as the distribution center of the Southeast. The shopping center takeovers are "an ideal match for our industrial division," he says. Alexander says he is "confident that these four supermarket-anchored centers will allow Weingarten to become a significant player in a market that has a population of over one million."
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