HOUSTON--(BUSINESS WIRE)--Weingarten Realty Investors (NYSE: WRI), a leading owner, manager and developer of shopping centers, announced today that it has closed on the sale of its interests in three industrial joint ventures to Exeter Property Group’s Fund II (Exeter), which completes the previously announced decision to sell its industrial division.
The portfolio sale was comprised of nine industrial properties, aggregating approximately 2.6 million square feet of building area, all located in Houston, Texas. The sale price totaled $21.1 million for all three ventures, including $7.8 million of secured debt assumed by Exeter in the transaction.
“The completion of this portfolio sale marks our exit from the industrial business and 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 and strong growth potential," stated Drew Alexander, President and Chief Executive Officer.
In addition, the Company completed the sale of two non-core, retail assets in October including Burbank Station located in a suburb of Chicago and Johnston Road Plaza in Charlotte, North Carolina. Burbank was the Company’s last property in the state of Illinois. Both transactions demonstrate the continued execution of the capital recycling strategy. Year-to-date dispositions have totaled $631 million, including the sale of the industrial portfolio.
About Weingarten Realty Investors
Weingarten Realty Investors (NYSE: WRI) is a shopping center owner, manager and developer. At September 30, 2012, the Company owned or operated under long-term leases, either directly or through its interest in real estate joint ventures or partnerships, a total of 301 developed income-producing properties and 11 properties under various stages of construction and development. The total number of properties includes 295 neighborhood and community shopping centers and 17 other operating properties located in 22 states spanning the country from coast to coast representing approximately 59.8 million square feet. To learn more about the Company’s operations and growth strategies, please visit www.weingarten.com.