HOUSTON-DRA is now proud owner of some 52industrial assets throughout the Southeast, specifically inFlorida, Georgia, Tennessee and Virginia, the result of a sale bylocally based Weingarten Realty Investors. The 9.6million square feet in the portfolio, which also includes Texasholdings, encompassed the seller’s wholly owned inventory.
The sale price was $382.4 million, representing an 8% cap rate.J.P. Morgan Securities LLC advised Weingarten onthe sale. According to a statement, DRA is assuming one securedloan on the sale, which is expected to close within 60 days.
“The sale demonstrates our commitment to the company’s capitalrecycling initiative,” says president and CEO DrewAlexander. “It is a significant step toward the strategicexit from industrial real estate, further strengthening ourposition as a pure-play retail REIT.”
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John Salustri
John Salustri has covered the commercial real estate industry for nearly 25 years. He was the founding editor of GlobeSt.com, and is a four-time recipient of the Excellence in Journalism award from the National Association of Real Estate Editors.
