» Subscribe Today!
More of what you want to know.
The Daily News
X

Forgot your password?
Skip Navigation LinksHome >
VOL. 127 | NO. 73 | Friday, April 13, 2012

Weingarten Realty to Sell Two Industrial Properties

By Sarah Baker

Print | Front Page | Email this story | Email reporter | Comments ()

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.

Sign-Up For Our Free Email Edition
Get the news first with our daily email


 
Blog Get more from The Daily News
Blog News, Training & Events
RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 35 250 5,016
MORTGAGES 60 382 6,608
FORECLOSURE NOTICES 0 38 1,517
BUILDING PERMITS 179 720 11,979
BANKRUPTCIES 54 257 5,216
BUSINESS LICENSES 24 89 2,025
UTILITY CONNECTIONS 92 443 6,907
MARRIAGE LICENSES 16 81 1,422

Weekly Edition

Issues | About

The Memphis News: Business, politics, and the public interest.