Weingarten president/CEO Drew Alexander didn't disclose the individual or aggregate purchase prices in a prepared statement. But based on his total $141.7 million investment on 1.6 million sf of retail this year alone, according to the statement, the estimated acquisition price Weingarten paid Raleigh, NC-based Bob Hughes and Associates comes to about $88.56 per sf or an aggregate $101.84 million.
Tracy Pursell of Weingarten's corporate staff tells GlobeSt.com the REIT never discloses acquisition prices. The company also didn't disclose the properties' ages and their average asking rents.
Nevertheless, the $101 million transaction is easily the largest retail deal of its kind completed this year in North Carolina or Georgia, according to GlobeSt.com research. The properties are all 98% leased, according to Weingarten's statement. Alexander says the centers are yielding an initial return of 9.9%.
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