Confidentiality agreements on both sides have kept the salesprice under wraps, but market sources say the Oak Brook, IL-basedbuyer most likely paid far north of $155 per square foot for the98%-leased center on 22 acres at 6725 Siegen Lane.Minneapolis-based Target Corp. has 125,400 square feet of theretail space. Ross Dress for Less is the second-largest tenant with30,187 square feet. The tenant roster also includes Conn'sAppliance, Petco, Rack Room Shoes, Olive Garden andChick-fil-A.


Houston-based Weingarten's chairman Stanford Alexander says heand his management team liked the center a great deal, pointing outthat it continues to perform well. He says it didn't make economicsense to hang onto it because it was the only asset in the market."We're great believers in hands-on management of our properties andlike enough properties in one place where we can maximize economiesof scale," he explains.


Alexander says Inland Real Estate was a logical choice becauseit is familiar with the marketplace. "We received a fair amount ofinterest on this and felt comfortable with Inland," he "We'd done business with them before."


Jim Batjer, Ryan Shore and Doug Hazelbaker in HollidayFenoglio's Dallas office marketed Siegen Plaza for Weingarten. Themarketing flyer reported 87% of the original tenants are still inplace. The Super Target also is considered to be the chain's bestperformer in Baton Rouge. "It's a high-performing location for alot of the tenants," Alexander adds.

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