The 351,300-sf Overton Park Plaza in Forth Worth was purchased from Columbia Regency Texas 1 LP. Anchors at the 97% occupied center include Albertson's, Circuit City, Office Depot, TJ Maxx, Oshman's, Famous Footwear and PetsMart.
In Colorado, Weingarten partnered with AEW Capital Management LP in a joint venture called Strategic Retail Partners to purchase the 88,400-sf Highlands Ranch University Park shopping center. Weingarten has a 40% equity interest in the project and the acquisition marks the REIT's first venture with AEW. The 100% occupied Highlands Ranch center is anchored by Whole Foods and was sold by Highlands University Park LLC.
Drew Alexander, president and CEO of Weingarten, says he anticipates the pairing will be "a great relationship for many years to come."
The third acquisition is the Sandy Plains Exchange, a two-year old, 72,800-sf center in Marietta, GA, which is Weingarten's first retail venture in the Atlanta area. This center is 96% occupied, anchored by Publix and was sold by DAM Sandy Plains LLC and OPM Sandy Plains LLC.
In Orlando, Weingarten acquired the 98% occupied Westland Terrace Shopping Plaza, a three-year-old development of German investment firm, BVT Co. The center is anchored by a self-owned 195,000-sf Target. Weingarten has purchased the adjoining 68,000 sf of shadow retail space.
The REIT, which focuses primarily on retail properties but has some industrial product in its portfolio, has spent $327 million this year on 15 different acquisitions. A spokeswoman for Weingarten tells GlobeSt.com that the REIT expects to close more deals before year's end, but declined to give further details on those acquisitions.
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