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SEATTLE-An institutional client of Boston-based AEW Capital Management has acquired six Northwest retail properties totaling 523,000 sf in a joint venture with publicly held Weingarten Realty Investors of Houston. The portfolio includes four grocery-anchored centers and two power centers.
Four of the six properties--three grocery-anchored centers and a power center--are located in the Puget Sound region. The other two properties are located in the Portland area. The name of the institutional partner and the acquisition price(s) were not released by the parties involved and not immediately available.
AEW's client owns an 80% stake in the joint venture. Weingarten owns the remainder and will oversee the ongoing management and leasing of the properties.
Bob Plumb, head of direct investment acquisitions for AEW, says in a prepared statement that the portfolio was acquired because it is poised for revenue growth. He could not be reached for further comment. A Weingarten source also was unavailable Wednesday for comment.
Here's a breakdown of the properties involved in the transaction:
- Meridian Town Center, a 77,666-sf center in Puyallup, WA that is 100% occupied and anchored by Safeway and Jo-Ann's Fabrics.
- Mukilteo Speedway Center, a 90,225-sf center in Lynwood, WA that is 96% occupied and anchored by Food Emporium and Bartell Drugs.
- Rainier Square Plaza, a 107,423-sf center in South Seattle that is 100% occupied and anchored by Safeway and Longs Drugs.
- South Hill Center, a 134,020-sf center in Puyallup that is 99% leased and anchored by Best Buy, Ross, and Bed, Bath and Beyond.
- Clackamas Square, a 74,545-sf center in Portland that is 100% leased and anchored by TJ Maxx.
- Raleigh Hills Plaza, a 39,520-sf center in Portland that is 100% leased and anchored by News Seasons Market and Walgreens.
AEW and its affiliates manage over $34 billion of gross real estate assets and securities on behalf of leading institutional and private investors. Weingarten's overall portfolio consists of 47.5 million sf in 309 neighborhood and community shopping centers and 63 industrial properties. The largest tenant in its portfolio accounts for 3% of Weingarten's rental revenues.
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