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.