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Weingarten Pays $160M Cash for Class A Retail Package

HOUSTON-Trammell Crow's Houston division and Dallas-based Granite Properties end a four-year hold with the 1.3-million-sf sale of four centers in Florida, Kentucky and Texas. The REIT goes the distance with a top offer of $160.4 million to win the deal.

By Jennifer Brenner Andrade | Updated on March 02, 2004

HOUSTON-Weingarten Realty Investors has shelled out $160.4 million in cash for a 1.3-million-sf retail portfolio with four class A shopping centers in Florida, Kentucky and Texas. The joint venture sellers, Trammell Crow Co.’s Houston division and Dallas-based Granite Properties, released the package after a four-year hold that pushed occupancy above 95%.

Ralph Tullier in TCC’s local office, tells GlobeSt.com that Weingarten outbid 40 others for a package with nearly 200 tenants and coming to market as a take one or take all offering without a minimum ask. He says the sale was motivated by the properties’ strong performances and the strength of the capital markets.

Granite made its first foray into the retail sector with the partnership, putting up the majority of equity for the play. Scott Martin, Granite’s managing director in Houston, says the gain will be deployed into other retail opportunities by the JV partners.

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