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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 87 87 14,804
MORTGAGES 80 80 19,410
FORECLOSURE NOTICES 22 22 3,817
BUILDING PERMITS 142 142 35,472
BANKRUPTCIES 62 62 14,096
BUSINESS LICENSES 62 62 5,053
UTILITY CONNECTIONS 99 99 21,532
MARRIAGE LICENSES 37 37 4,594

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