Weingarten Picks Up Prime Asset for $9M

ORLANDO-Weingarten Realty Investors has picked up a prime retail asset in purchasing the two-year-old, 246,369-sf Westland Terrace Plaza from BVT Chapel Hills LTD for $8.8 million, or $128.76 per sf.

A 178,415-sf SuperTarget store in the shopping center was not part of the deal. Weingarten’s purchase totaled 67,954 sf. The shopping center is located in an affluent west submarket of the city, 1.5 miles from the 1.1 million-sf West Oaks Mall.

“Westland Terrace features excellent demographics and benefits from the consumer drawing power of the mall and other area major big-box retailers,” Jim Michalak, a senior director and retail financial investment specialist in the Tampa office of Cushman & Wakefield of Florida Inc., tells GlobeSt.com. Michalak negotiated for the seller.