The properties will be 80% owned by the investment trust, and Weingarten gets the 20%-stake. The deal calls for the Houston-based REIT to lease and manage the assets.
Weingarten and PNC Realty, a Suwanee, GA-based division of PNC Financial Services Group Inc. of Pittsburgh, has bought fully leased shopping centers in Alpharetta, GA and Stuart, FL and one at 96% occupancy in Plano, TX.
In Georgia, the JV acquired the 102,900-sf Mansell Crossing phase two at 7531 North Point Pkwy. from Atlanta-based Cousins Properties Inc. and Newark-based Prudential Real Estate Investors. In Florida, the buyer got the 249,100-sf Pineapple Commons at Britt Rd. and US Hwy. 1 from DeBartolo Corp. of Youngstown, OH. And in Texas, the JV picked up the 363,600-sf Preston Shepard Place at 1601-1913 Preston Rd. from Memphis-based Boyle Investment Co.
Across the board, the tenant rosters predominately are national retailers. Headlining the properties are names like Best Buy Inc., Bed Bath & Beyond Inc., Borders Group Inc., Babies "R" Us, Linens 'n Things Inc., Marshalls Inc., Nordstrom Inc., Office Depot Inc., Old Navy, PetSmart Inc. and Ross Stores Inc.
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