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TUCSON-In an effort to expand its Arizona presence, Weingarten Realty Investors has acquired six retail centers totaling 780,000 sf. The $165-million purchase marks Weingarten’s first move into the Tucson area.

According to David Doupe, managing director with Jones Lang LaSalle’s capital markets group, Weingarten beat out other contenders from the six-month marketing period because of its price. “They’re making a heavy push to expand further into the Southwest and they already have a base of operations in Phoenix,” says Doupe, who represented the local seller, Bourn Partners LLC. The portfolio’s average occupancy is 88%.

The 286,800-sf Oracle Wetmore at 435 W Wetmore Rd., the 253,600-sf Oracle Crossings at 7645 N. Oracle Rd. and the 88,700-sf Entrada De Oro at 1985 E River Rd. are new. Doupe tells GlobeSt.com that all were under construction when the portfolio’s marketing program was launched last spring. He says the closings took a little longer because loans on three centers were assumable.

Two years ago, Bourn acquired the other three centers: the 96,700-sf Madera Village at 9165 E Tanque Verde Rd.; 43,900-sf Shoppes at Bears Path at 8800-98 E. Tanque Verde Rd.; and 10,300-sf Scottsdale Horizon at 14854 N Frank Lloyd Wright Blvd., the only Phoenix property. Minor upgrades were made to those centers.

“Bourn wanted to generate a capital event for its partners,” Doupe continues, explaining why the company decided to sell the portfolio. “This was a way for them to recapitalize. They have a fairly sizeable development pipeline and they wanted to continue with their newer efforts.” JLL managing director Lawrence Krasner and vice president Cheri Pierce partnered with Doupe.

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