According to Richard Summers, vice president and investorrelations director for Weingarten, the collateral is 13grocery-anchored shopping centers, one regional power center andfour neighborhood retail centers, all in Texas. The other commondenominator is that the centers are positioned in denselypopulated, infill locations. According to a press release about theJV, Weingarten says the average sales volume of each supermarketexceeds $500 per sf.

"The capital we receive from this joint venture will be used toexecute our strategic plans, which includes new developments andacquisitions," Summers says. "This allows us to grow and expandwhile we maintain and increase our income." The joint venture willbe leveraged 65%. Weingarten will have a 15% interest and thebalance will belong to a client of Boston-based AEW.

Fifteen assets are located in Houston and the remainder inGalveston, San Antonio and Amarillo. The 95%-occupied portfoliocontains well-known national credit retailers, including apparel,banks and restaurants. Weingarten will oversee management andleasing of all properties.