The North Carolina package is positioned in and around Raleigh-Durham. Bob Hughes and related partnerships were the sellers of the 111,600-sf Avent Ferry, 156,600-sf Capital Square, 90,000-sf High House, 58,400-sf Mineral Springs, 77,800-sf Northwoods, 188,300-sf Stonehenge Market Place and 468,100-sf Six Forks. The eighth center is the 189,900-sf Pittman Corners in the Dallas suburb of Plano. The Texas-based partnership of Pittman Corners Ltd. is the seller of record.
A Weingarten source tells GlobeSt.com that the full package is 95% leased or better. The properties were built between the late 1970s and late 1990s. All predating 1990, the source stresses, have been recently renovated.
Weingarten president and CEO Drew Alexander says the Bob Hughes acquisition makes perfectly good sense since the REIT has managed the holdings for the past 1 1/2 years and has extensive knowledge of the market. The REIT's market position is further strengthened by another holding in Raleigh-Durham and a fully staffed office.
The Dallas-Fort Worth purchase takes the REIT's holdings to 10 shopping centers and 14 industrial properties, with a combined total exceeding 2.7 million sf.
"Both of these transactions are consistent with our strategy of clustering our operating properties in major metropolitan markets in order to more effectively serve our tenants and maximize property values," Alexander says in a prepared statement.
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