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$72M Lands Three Retail Centers for Weingarten

HOUSTON-Weingarten uses a downREIT structure, debt assumption and cash to buy a 389,500-sf trio of grocery-anchored centers in San Leandro, CA and Raleigh, NC area. The $71.5-million purchase comes with nearly full product in strong markets.

By Jennifer Brenner Andrade | Updated on February 12, 2004

HOUSTON-Weingarten Realty Investors has shelled out $71.5 million for a 389,500-sf trio of grocery-anchored centers in San Leandro, CA and Raleigh, NC.

Weingarten acquired the properties partly through a downREIT structure by issuing operating partnership units that are convertible into the REIT’s common shares, according to a press release issued late yesterday afternoon. Debt assumption and cash on the line were part of the deal-making. More information on the transaction will be available in the coming days.

The San Leandro acquisition, Greenhouse Marketplace, rolls 151,400 sf of 95%-leased inline space to the Houston REIT. The grocery anchor, Safeway, and Long’s Drugs own their locations while Weingarten gets a tenant roster that includes 99 Cents Only, Factory 2-U and Big Lots at the Lewelling Boulevard and Washington Avenue plaza. The seller could not be identified by publication time.

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