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VOL. 127 | NO. 73 | Friday, April 13, 2012

Weingarten Realty to Sell Two Industrial Properties

By Sarah Baker

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Weingarten Realty Investors, a Houston-based owner, manager and developer of shopping centers, is preparing to sell its wholly-owned industrial portfolio – which includes two properties in Memphis – to New York-based DRA Advisors LLC for $382.4 million.

The portfolio is made up of 52 industrial properties, totaling 9.6 million square feet in Florida, Georgia, Tennessee, Texas and Virginia. Closing of the transaction is expected to occur within the next 45 to 60 days.

Weingarten Realty currently owns eight Memphis industrial buildings, all of which are managed by Brad Murchison of CB Richard Ellis Memphis. However, Southpoint I (4715 Shelby Drive) and Southpoint II (4655 Shelby Drive) are the only two properties being sold. The others are owned by Weingarten in a partnership.

Weingarten plans to use proceeds from the transaction to pay down amounts outstanding under its revolving credit facility and repay a $200 million unsecured term loan. The company is working towards exiting from industrial real estate in efforts to strengthen its position as a pure retail REIT.

Weingarten in Memphis owns six retail centers: Bartlett Towne Center, Highland Square, Mendenhall Commons, Ridgeway Trace Center, Summer Center and The Commons at Dexter Lake.

DRA Advisors in Memphis owns two office properties – Germantown Center and Mid-Memphis Tower – as well as four multifamily assets – Addison at Collierville, Bailey Creek, Madison at Schilling Farms and Preserve at Southwind.

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 65 366 17,721
MORTGAGES 70 417 23,068
FORECLOSURE NOTICES 15 91 4,519
BUILDING PERMITS 210 932 42,157
BANKRUPTCIES 62 299 16,691
BUSINESS LICENSES 19 80 5,781
UTILITY CONNECTIONS 49 305 25,174
MARRIAGE LICENSES 16 96 5,381

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