HOUSTON -- Houston-based Weingarten Realty Investors (NYSE: WRI) has completed the sale of its 52-property, wholly owned industrial portfolio to DRA Growth and Income Fund VII for $382.4 million. The sale price represents a capitalization rate of approximately 8 percent.
"We are pleased to acquire this sizable industrial portfolio featuring solid income returns and value-added upside," said David Luski, president and CEO of New York City-based DRA Advisors. "This transaction is exemplary of our strategy of collaborating with public REITs who wish to strategically divest assets via outright sale or joint venture."
The properties total 9.6 million square feet and are located in Florida, Georgia, Tennessee, Texas and Virginia. As part of the transaction, DRA assumed one secured loan of $4.9 million.
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Ed A. Ayres
Houston Realty Advisors, Inc.