Houston-based Weingarten has bought the retail property from Parkway Pointe Associates LP. Like other Weingarten buys, the purchase price is a closely guarded detail.
President and CEO Drew Alexander says the acquisition is a good fit since the Weingarten team is managing and leasing several properties in the area. The REIT also has recently opened an office in Raleigh to support the North Carolina push as part of its partnership, formed last year, with the Bob Hughes Group of Raleigh, a well-known developer in the state. The partnership is focusing on development of neighborhood and community shopping centers that are anchored by grocery stores, drug stores or discount chains. Weingarten leases and manages several of Hughes' projects.
Parkway Point, built in 1988, is situated on 10.6 acres at the intersection of Apex Road and Cary Parkway. The 95%-leased center is anchored by Food Lion, Eckerd Drugs and Ace Hardware.
Weingarten has spent a good part of this year acquiring southeastern US retail sites, taking the portfolio to 224 shopping centers and 55 industrial properties in 15 southern states. It also holds title to one apartment complex and one office building. In all, the portfolio's latest count encompasses 33.7 million sf.
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