Weingarten Ropes Five-Building SE Industrial Portfolio

LAKELAND, FL-Three Tampa-area properties have been snapped up by Houston, Texas-based Weingarten Realty Investors, as the real estate firm continues its penetration of the Florida market. Weingarten made the Florida purchases in conjunction with the acquisition of two properties in Atlanta. Montpelier, Vermont’s national life insurance company is the seller of the five-property portfolio.

The three industrial purchases account for a little more than 600,000 sf. While the parties involved are not revealing the financial terms of the purchase, Polk County assesses the three buildings, located at 5101 Great Oaks Blvd. in the Lakeland Regional Industrial Park subdivision, at an individual value of $4,273,650. Each 15-year-old building totals 201,560 sf.

Weingarten president and CEO Drew Alexander said in a prepared statement that the properties are positioned in two of the highest demand regional distribution centers in the Southeast. “With this acquisition, we entered the Atlanta industrial real estate market and increased our assets in Florida,” he says. Weingarten also owns a retail property in Sunset Point 19 in Clearwater, FL.