"This new joint venture further diversifies our sources of capital while leveraging our operational expertise through the ongoing management and leasing of the properties," Stanford Alexander, Weingarten's chairman, says in the press release. "Weingarten Realty will receive more than $214 million in cash proceeds while maintaining a significant ownership stake."

Philip Martin, managing director with Cantor Fitzgerald & Co.'s Chicago office, says Weingarten's actions aren't unusual, especially when it comes to stabilized assets. "If they can redeploy the money more profitably, it makes sense," he tells GlobeSt.com. "They're actually looking at other portfolios around the country to do this very same thing."

Martin, who follows Weingarten on a regular basis, says that REITs and other large asset owners end up forming such joint ventures for the sole purpose of boosting liquidity. The cash is then used for new investments, which is what Weingarten is planning. It also could be used to reduce debt on a balance sheet and improve financial ratios. "If they have a good use for the proceeds, which Weingarten typically does, this isn't a bad idea," Martin assesses.