Weingarten Sells 221,346-SF E. Little York Retail Center

HOUSTON-Houston-based Weingarten Realty Investors has sold another shopping center in an ongoing disposition program.

In the latest deal, Weingarten hawked its 221,346-sf 45 York Plaza at 300 E. Little York in the Houston’s northwest submarket. No one’s identifying the investor buyer or talking about the selling price. But, it did carry a $6.8-million price tag. The 80%-occupied center’s tenant roster includes Food Town, Good Will Superstore, Giant Mart, Family Dollar and Hollywood Video.

George Cushing, senior vice president of Grubb & Ellis Co.’s Houston office, tells GlobeSt.com that 45 York Plaza is the fifth center this year that Weingarten’s sold. In October, the hometown REIT sold Mid County Shopping Center, a 107,000-sf shopping center in Nederland, TX, and the 37,000-sf Northwest Park Plaza at the intersection of W. Montgomery Road and Bammel North in northwest Houston. In September, Weingarten relinquished the 26,000-sf Wilcrest Shopping Center. The first sale of the year came in February with the Bellwood Shopping Center, a 136,000-sf center at Bellair and Kirkwood in Houston.

Still “to go” are Longpoint Shopping Center, 89,406 sf; Bellfort Southwest, 30,190 sf; Fondren Southwest Village, 25,494 sf; Landmark Shopping Center, 55,648 sf; Broadway Shopping Center, 75,891 sf; and Mainland Mall, 68,777 sf.

In prior interviews, sources at Weingarten told GlobeSt.com that the disposition list generally consists of centers, ranging from 100,000 sf to 400,000 sf, that are located in key markets. Sale proceeds are being redeployed into retail properties that better fit the Weingarten criteria.

Cushing, who has been involved in all of the sales, says the retail market, unlike the office market, is still looked upon favorably by investors. “Investors view retail investments as a risk hedge,” he says. “They have realized that no matter what happens neighborhood shopping centers that supply basic needs will be patronized.” Cushing says 45 York Plaza is a perfect example of growing investor interest in commercial real estate positioned in minority markets. Paula Foster, a Grubb & Ellis associate, also worked on the deal.