The acquisition marks the third Florida retail asset and the second Orlando property Weingarten has bought in the last two years. The purchase adds 2.5 million sf to the REIT's existing 30 million sf in 254 income-producing properties in 14 states.

Colonial Plaza's 97% leased status commanded a hefty $112.50 per sf price. Although the 45-acre re-built property is 50 years old, its future growth prospects are solid with a primary trade area population of 308,000, area retail brokers tell GlobeSt.com. Weingarten principals also recognize that fact and are looking for other comparable properties.

"We would definitely like to find more retail properties in Florida and have committed to an aggressive search by opening a regional office in South Florida," Weingarten president/CEO Drew Alexander says in a prepared statement.

The Texas firm bought the 314,000-sf Pembroke Plaza in Pembroke Pines, south Florida, in late 1999. In mid-August 2000, Weingarten acquired the 97,000-sf Market at Southside, just off Downtown Orlando at Michigan Street and Orange Avenue, a heavily-trafficked commercial area.

Cousins bought Colonial Plaza from the Equitable Assurance Society of the United States in 1995, enclosed the open-air center in the 1960s and restructured the retail layout to feature national big-box tenants such as Barnes and Noble, Old Navy, Stein Mart, Linens 'N Things, Marshalls, Babies 'R' Us, Rhodes, Staples, Ross Dress for Less, Circuit City and Just for Feet. Thirty other retailers complement the anchor team.

Weingarten is also closing shortly on 19 supermarket-anchored shopping centers in California. The REIT's portfolio comprises 197 neighborhood and community retail centers; 55 industrial properties; one apartment community; and one office building.

The New York Stock Exchange-traded REIT's common stock is trading at $41.90 per share. Its 52-week high-low prices are $45.56 and $35.31.