Archive for ‘Retail’

May 29, 2012

Weingarten Leaves the Warehouse Business, Selling 52 Properties for $382 Million

HOUSTON -Weingarten Realty Investors, a Houston-based REIT, has sold 52 industrial properties for $382.4 million, enabling Weingarten to focus solely on shopping centers.

“The completion of this portfolio sale is a significant step in our previously outlined capital recycling initiative and effectively positions Weingarten as a pure-play retail REIT. We will continue our commitment in building shareholder value through the repositioning of the retail portfolio into core markets with high barriers to entry, strong growth potential and strong demographics,” said Drew Alexander, President and Chief Executive Officer.

The portfolio is comprised of 52 industrial properties, aggregating approximately 9.6 million square feet located in Florida, Georgia, Tennessee, Texas and Virginia.

The buyer of the portfolio was DRA Growth and Income Fund VII. David Luski is President and CEO of DRA Advisors LLC. J.P. Morgan Securities LLC served as financial advisor to Weingarten on the sale.

May 22, 2012

Centennial Buys Retail in North Texas

NORTH RICHLAND HILLS, Texas  – Centennial Real Estate bought The Crossing, a 247,720-square-foot community center located in North Richland Hills, Texas. The Crossing is anchored by Kohl’s and shadow anchored by a Kroger Signature store. It is positioned at the northwest corner of the intersection of Grapevine Highway and the newly-widened Precinct Line Road, and lies within the civic core of North Richland Hills. Centennial also recently purchased two phases of the Village Park center in Colleyville, Texas. Steven Levin is president of Centennial, which has more than 2 million sf of retail space.

May 10, 2012

Bass Brother Starts 3 Mixed-Use Buildings in Downtown Ft. Worth

FORT WORTH – Sundance Square has started work on three new buildings in the center of the 35-block office, retail, and entertainment district in downtown Fort Worth. The building names were also revealed and in keeping with Sundance Square’s heritage, the new buildings will be known as The Commerce Building located at 420 Commerce Street; The Westbrook situated at 425 Houston Street; and The Cassidy at 407 Throckmorton Street. The buildings will open in 2013.

“This project has been part of the master plan in downtown Fort Worth for decades,” said Ed Bass, project developer. “To finally see dirt moving is gratifying for our team and it will forever change the landscape of Sundance Square.”

“Interest in space from office and retail users has been strong since we announced the project,” said Johnny Campbell, president and CEO of Sundance Square. “Now that the construction is in full swing, we expect to start signing leases and making some announcements this year. With these buildings in the heart of Sundance Square, we want to create a perfect blend of retail and restaurants. The merchandising will play an important role in activating the plaza. We are taking a little more time to make sure we have the right fit.”

The Westbrook at 425 Houston Street is named after the historic seven-story Westbrook Hotel, which was built in the early 1900s, closed in 1969, and was demolished in 1978. It will stand six stories tall and encompass more than 93,000 square feet including 12,393 square feet of retail space. The ground floor of the building will include an office lobby on Houston Street and retail space fronting Houston, 3rd and 4th Streets, as well as the future plaza space to the east.

The Commerce Building at 420 Commerce Street will encompass more than 83,000 square feet with nearly 17,000 square feet of significant retail and restaurant space. The ground floor will include an office lobby on Commerce Street and retail space fronting Commerce, 3rd and 4th Streets, as well as future plaza space to the east.

The Cassidy at 407 Throckmorton Street will be six floors in height and more than 99,000 square feet, including 12,196 square feet of retail and 12,187 square feet of residential space. This L-shaped site will have frontage on W. 3rd and Houston Streets as well as Throckmorton Street with different portions featuring three distinct architectural façades. The Cassidy’s top floor will feature residential living with six luxury penthouse apartments. The one- and two-bedroom units will have outdoor terraces with floor to ceiling glass walls and sweeping views of Sundance Square and the City of Fort Worth.

April 24, 2012

Hartman REIT Buys Dallas Area Retail Center

ARLINGTON, Texas  -  Hartman Income REIT, Inc., a Houston based Real Estate Investment Trust, announced that Hartman Short Term Properties XX, Inc. an affiliate, has purchased Cooper Street Shopping Center from Regency Centers, LP.

Cooper Street SC – A 127,696 square foot, three  building retail center with a single tenant pad site at the highly desirable intersection of Cooper Street and Interstate 20 in Arlington, Texas. The project has Home Depot and Office Max.

Hartman’s business plan is to stabilize the center at submarket rates. Chris Cozby, Chris Gerard and Kevin Holland of CB Richard Ellis represented the seller, Regency Centers and Dave Wheeler and Julian Kwok, CCIM represented the buyer, Hartman Short Term Properties XX, Inc

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