Thank you for sharing!

Your article was successfully shared with the contacts you provided.

TAMPA, FL-In an obvious race to compete for Florida acquisition honors with Inland Retail Real Estate Trust Inc. of Oak Brook, IL, Houston-based Weingarten Realty Investors is entering the Tampa/Clearwater, FL market by picking up a trophy retail property in Sunset Point 19 in Clearwater, FL.

Weingarten’s prepared statement didn’t disclose the price paid to Georgia-based Sunset Associates and GlobeSt.com couldn’t reach Weingarten officials at publication deadline.

But area brokers intimate with the Tampa/Clearwater market tell GlobeSt.com on condition of anonymity the REIT paid at least $125 per sf or an estimated $34 million for the 29-year-old, 273,000-sf, 100%-leased property.

The acquisition is Weingarten’s seventh in Florida, increasing its portfolio in the Sunshine State to 1.5 million sf from 1.2 million sf in September.

Weingarten still trails Inland’s one-sale-per-month track record. Inland has 19 Florida properties totaling 2.19 million sf out of a total Southeast portfolio of 29 shopping centers totaling 3.63 million sf.

Among Sunset Point’s tenants are Publix Supermarkets Inc., Old Navy, Bed Bath and Beyond, Sports Authority, Comp USA, Staples, Barnes & Noble and Eckerd Drugs.

In his statement, Drew Alexander, Weingarten’s president/CEO, calls Sunset Point “a dominant retail center” in the Tampa/Clearwater area. He says the property’s location on 25.8 acres at State Road 19 and Sunset Point Road draws 100,000 cars a day. The estimated residential base in the center’s five-mile radius is 200,000, Alexander says.

Besides Sunset Point, Weingarten’s other Florida properties are Boca Lyons, Boca Raton; Colonial Plaza and Market at Southside, Orlando; Pembroke Commons, Pembroke Pines; Venice Pines, Venice; and Winter Park Corners, Winter Park.

Sunset Point is Weingarten’s 31st acquistion in its 53-year-old history and represents a total investment of $460 million, according to the statement.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.