HOUSTON, Oct. 11 /PRNewswire-FirstCall/ -- Weingarten Realty Investors announced today the portfolio acquisition of seven neighborhood/community anchored retail centers totaling 1,259,000 square feet for $325 million. All seven properties are located in highly desirable locations within Florida's three largest metropolitan markets of South Florida, Orlando, and Tampa/St. Petersburg. The centers are leased to a diverse mix of strong national retailers including Publix, Albertson's, Bed Bath & Beyond, Ross Dress for Less, Stein Mart, TJ Maxx, HomeGoods, CVS, PETCO, and Office Depot. These properties complement Weingarten's current footprint and, through existing regional offices, allow the Weingarten team to efficiently provide a high level of property management and leasing.
Total Square
Center Name Feet Location Anchors Occupancy
Alafaya Ovieda Publix,
Square 176,486 (Orlando), FL Planet Fitness 100%
Albertson's,
Marketplace Stein Mart,
at Dr. HomeGoods,
Phillips 327,561 Orlando, FL Office Depot 99%
East Lake Palm Harbor Publix,
Woodlands 140,103 (Tampa), FL Walgreens 91%
International Bed Bath & Beyond,
Drive 185,664 Orlando, FL Ross, TJ Maxx 100%
Kendall
Corners 96,515 Miami, FL Ashley Furniture 100%
Palm Lakes Margate (Ft.
Plaza 113,752 Lauderdale), FL Publix, CVS 99%
South Dade Publix,
Shopping Bed Bath & Beyond,
Center 219,473 Miami, FL PETCO 100%
"The combination of exceptional locations, very high quality anchor tenants, and high occupancy rates make this an outstanding acquisition for us. These properties bring Weingarten's portfolio in Florida to 34 shopping centers totaling 5.5 million square feet. Florida is one of the fastest growing markets in the country and we are very pleased to have such a strong position in this important market. Additionally, including this acquisition, our year-to-date acquisition volume totals $794 million, the highest level in the Company's history. We are very pleased with our success this year acquiring quality properties in high growth markets with significant barriers to entry," said Drew Alexander, President and Chief Executive Officer.
As one of the largest real estate investment trusts listed on the New York Stock Exchange, Weingarten Realty Investors is focused on delivering solid returns to shareholders by actively developing, acquiring, and intensively managing properties in 21 states that span the southern portion of the United States from coast to coast. The Company's portfolio of 360 properties includes 295 neighborhood and community shopping centers and 65 industrial properties, aggregating over 48 million square feet. Weingarten has one of the most diversified tenant bases of any major REIT in its sector, with the largest of its 5,200 tenants comprising approximately 3% of its rental revenues. To learn more about the Company's operations and growth strategies, please visit http://www.weingarten.com/ .
Statements included herein that state the Company's or Management's intentions, hopes, beliefs, expectations or predictions of the future are "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995, which by their nature, involve know and unknown risks and uncertainties. The Company's actual results, performance or achievements could differ materially from those expressed or implied by such statements. Reference is made to the Company's regulatory filings with the Securities and Exchange Commission for information or factors that may impact the Company's performance.
