Search
 

Weingarten Grabs 50% Stake for $26M

HOUSTON-Weingarten joins with Rioco Corp. of McAllen in ownership of a 680,100-sf retail portfolio. The REIT's $26.2-million buy-in marks an inroad into the Rio Grande Valley while delivering leasing, management and a development partner for the future.

By Jennifer Brenner Andrade | Updated on April 20, 2004

HOUSTON-Weingarten has made its first jump into the Rio Grande Valley marketplace with the $26.2-million purchase of a 50% partnership interest in Rioco Corp.’s three property, 680,100-sf retail portfolio in McAllen.

The locally based Weingarten bought into the portfolio with cash and operating units, Tracy Pursell, the REIT’s investor relations director, tells GlobeSt.com. She says the REIT was introduced to Rioco through personal relationships and has been negotiating with the McAllen-area firm at least six to nine months. Under the buy-in agreement, Weingarten will assume management and leasing of the McAllen assets, now boasting an average 91% occupancy.

The largest property in the package is Las Tiendas, a 499,900-sf shopping center at the southeast corner of Expressway 83 and McColl Road. It is anchored by Target and Mervyn’s, both corporate-owned stores. The JV’s share is 287,700 sf of complementary retail, with the roster headlined by national names like Ross Dress for Less, Marshall’s and Office Depot.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.