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.
For more information on Houston office space, Houston
retail space or Houston warehouse space and
Houston industrial space, please call 713
782-0260 or see my web site at : www.houstonrealtyadvisors.com
Thank you for your interest !!!!!
Ed A. Ayres
Houston Realty Advisors, Inc.
Mitaquye Oyasin
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