SEATTLE-Weingarten Realty Investors has acquired Queen Anne Marketplace Seattle, a 70,000 square feet property anchored by Metropolitan Market, an upscale neighborhood grocer operating in a densely populated, high barrier-to-entry urban infill location.

“We are pleased with the acquisition of this high quality shopping center with strong growth potential. It reflects our disciplined approach to enhancing our portfolio through acquiring properties with strong anchors located in high growth markets with strong demographics,” said Drew Alexander, president and CEO, of the Houston firm that develops and manages retail shopping centers.

The three-mile trade area around Queen Anne enjoys a population of more than 200,000 people with over 68% holding college degrees. The property was purchased in a joint venture between Weingarten Realty Investors and Bouwinvest in which WRI will hold a 51% interest. This is the first acquisition in the joint venture that seeks to invest approximately $275 million in high quality community and neighborhood shopping centers anchored by market-dominant retailers utilizing up to 50% leverage.