HOUSTON – (Realty News Report) – Weingarten Realty Investors – in a major deal with Fidelis Realty Partners – has acquired the Village Plaza at Bunker Hill in Houston and traded a large shopping center in Fort Worth.
Houston-based Weingarten Realty Investors acquired a 42 percent stake in the Village Plaza at Bunker Hill center on the Katy Freeway, buying out partner Fidelis Realty Partners, a Houston-based firm led by Alan Hassenflu. Simultaneously, the 354,000-SF Overton Park Plaza, a Fort Worth center which has been managed and marketed by Fidelis, traded hands.
The Village Plaza at Bunker Hill is a 492,000-SF grocery-anchored center along the north side of the Katy Freeway, near Memorial City.
The center is anchored by a 128,000-SF H-E-B grocer, Burlington and Academy Sports + Outdoors. Located in the affluent Memorial area in West Houston, the Village Plaza at Bunker Hill is one of the top shopping centers in Houston with 140,000 people and average incomes of $141,000 in a 3-mile radius.
“Purchasing the remainder of Village Plaza at Bunker Hill is a major accomplishment. Anchored by H-E-B, one of the finest grocers in the nation and other national retailers, this purchase further strengthens our outstanding grocery-anchored portfolio. The proceeds from our disposition program allowed us to fund our 2020 acquisitions and the special dividend we paid our shareholders as well as basically finish funding our new development program. All of these transactions reinforced our solid balance sheet and strong liquidity position, which positions us for future opportunities,” said Drew Alexander, CEO of Weingarten Realty.
The Village Plaza at Bunker Hill purchase price was not disclosed, but the Harris County Appraisal District placed the value at $121 million in 2020.
Weingarten said it used funds from the sale of the Overton Park Plaza in Fort Worth to acquire full ownership of Village Plaza at Bunker Hill.
Weingarten Realty, a REIT traded on the New York Stock Exchange, began as an offshoot of the old Weingarten’s grocery chain, which was founded in Houston by Joe Weingarten, a Polish immigrant.
Fidelis has a significant retail portfolio that includes Meyerland Plaza, a 1 million SF center at Loop 610 and Beechnut, near Bellaire.
Jan 12, 2021 Realty News Report Copyright 2021
File: Weingarten Deals with Fidelis
Caption; H-E-B anchors Village Plaza at Bunker Hill. Photo credit: Ralph Bivins of Realty News Report Copyright 2021.
File: (2) Village Plaza at Bunker Hill. Weingarten Deals with Fidelis Realty 1-12-21, Overton Park Plaza. Katy Freeway. Memorial City.