Weingarten Realty Announces the Strategic Sale of Its Wholly-Owned Industrial Portfolio for $382.4M
Weingarten Realty Investors (NYSE: WRI) announced today that it has entered into a definitive agreement to sell its wholly-owned industrial portfolio to DRA Advisors LLC.
The portfolio is comprised of 52 industrial properties, aggregating approximately 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 approximately 8%.
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.