Weingarten acquired the 28-acre development from Northwestern Mutual Life Insurance Co. Outland Business Center is 90% leased to tenants such as VSA Inc. (International Multifoods), ADT Security Services Inc., LCI/Qwest, Krone Farm Equipment and Porteous Fasteners.

To date, Weingarten has acquired four industrial properties to take its total to 1.1 million sf in Memphis. The other industrial properties are Southwide Warehouse, Thomas Street Warehouse and Crowfarn Drive Warehouse.

A Weingarten source tells GlobeSt.com that the REIT specifically looks for service or bulk distribution properties to buy for its industrial portfolio. Outland Business Center fit the bill in both target areas. The source confirms that Weingarten is looking at other industrial opportunities in the Memphis market, but no decisions have been made as to what will be next.

Memphis is one of the top distribution centers in the southeast. That, says the source, is why Weingarten has zeroed in on Memphis' industrial product.

In May 2001, Weingarten made its usual retail buy, selecting four grocery-anchored centers totaling 616,000 sf. At that time, Drew Alexander, Weingarten's president and CEO, said the Memphis area was targeted because it had an established presence in the market. The shopping center purchases were what he termed "an ideal match for our industrial division" and readied the stage for Weingarten to "become a significant player in a market that has a population of over one million," Alexander explained.