Weingarten Realty Investors (WRI: Quote) said it has reached a definitive agreement to sell its wholly-owned industrial portfolio to DRA Advisors LLC. The portfolio is comprised of 52 industrial properties, aggregating about 9.6 million square feet located in Florida, Georgia, Tennessee, Texas and Virginia. The portfolio is predominately unencumbered, with DRA assuming one secured loan of $4.9 million. The sale price is $382.4 million, representing a capitalization rate of nearly 8%.
The company said the proceeds from this transaction would be used to pay down amounts outstanding under its revolving credit facility and repay a $200 million unsecured term loan, resulting in a further strengthening of the company's balance sheet and providing additional capacity to fund growth opportunities in its core retail markets.
The company retains an interest in two joint venture relationships, which at the Company's pro rata share, aggregates approximately 1.4 million square feet of industrial real estate. The transaction may occur within the next forty-five to sixty days.
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by RTT Staff Writer
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