Weingarten Realty Closes Second Quarter with Acquisition of a Premier Shopping Center inLos Angeles
Weingarten Realty Closes Second Quarter with Acquisition of a Premier Shopping Center in Los Angeles
Weingarten Realty Investors (NYSE: WRI), a leading owner, manager and developer of shopping centers, announced today that its year-to-date acquisitions total $121 million. The Company completed the acquisition of 8000 Sunset for $99 million, representing approximately a 6% capitalization rate. 8000 Sunset is a 171,400 square foot grocery anchored shopping center, located on the Sunset Strip, in the West Hollywood submarket, of Los Angeles, California. Positioned at the corner of Sunset Boulevard and Crescent Heights Boulevard, it is located at one of the most bustling intersections in Los Angeles with over 140,000 vehicles passing by the site each day. This densely populated, infill location, is surrounded by exceptionally affluent residential communities including Beverly Hills, West Hollywood and Hollywood Hills. It boasts strong three-mile trade area demographics including a population density of 240,000 people and average household incomes of $104,000. The property is currently 94% leased and is anchored by the California-based, specialty grocer, Trader Joe's along with CB2 (“Crate & Barrel”), Sundance Cinema and Crunch Fitness.
"8000 Sunset is the quality shopping center that we are focused on in our recycling initiative. The center’s retailers, Trader Joe’s, Pei Wei and Starbucks, are all existing relationships and combined with the superior demographics including the extreme density and high household incomes as well as strong barriers to entry represents the quality we are pursuing in our acquisition program today," said Drew Alexander, President and Chief Executive Officer.
In addition, during the second quarter, the Company disposed of $45.8 million of non-core properties, bringing the year-to-date dispositions to $476 million. This includes the sale of its wholly-owned industrial portfolio for $382.4 million.
About Weingarten Realty Investors
Weingarten Realty Investors (NYSE: WRI) is a shopping center owner, manager and developer. At June 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 316 developed income-producing properties and 11 properties under various stages of construction and development. The total number of properties includes 302 neighborhood and community shopping centers and 25 other operating properties located in 21 states spanning the country from coast to coast representing approximately 63.5 million square feet. To learn more about the Company’s operations and growth strategies, please visit www.weingarten.com.
Weingarten Realty Investors
Michelle Wiggs, (713) 866-6050