HOUSTON, 2016-May-11 — /EPR Retail News/ — Weingarten Realty Investors (NYSE: WRI), a leading owner, manager and developer of shopping centers, announced today that it acquired Deerfield Mall, a 394,000 square foot, Publix-anchored center located in the South Florida community of Deerfield Beach (Fort Lauderdale MSA) for $92.75 million. The center is anchored by strong national and regional tenants including a dominant Publix, T.J. Maxx, Marshalls, Cinépolis, and Ulta Beauty. The shopping center serves the dense and affluent communities in northern Broward County and southern Palm Beach County, including Deerfield Beach, Boca Raton, and Coconut Creek.
Deerfield Mall is the Company’s largest asset in South Florida and complements the existing portfolio of 16 grocery-anchored centers. The shopping center’s in-place rents are below market, which will allow redevelopment over the next several years.
Year-to-date, the Company’s acquisitions total $136.3 million.
“We are extremely pleased with the addition of this signature asset, Deerfield Mall, to our South Florida portfolio. It has a strong tenant line up and future growth potential,” said Drew Alexander, President and Chief Executive Officer.
About Weingarten Realty Investors
Weingarten Realty Investors (NYSE: WRI) is a shopping center owner, manager and developer. At March 31, 2016, 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 227 properties which are located in 18 states spanning the country from coast to coast. These properties represent approximately 44.5 million square feet of which our interests in these properties aggregated approximately 27.6 million square feet of leasable area. To learn more about the Company’s operations and growth strategies, please visit www.weingarten.com.
Forward-Looking Statements
Statements included herein that state the Company’s or Management’s intentions, hopes, beliefs, expectations or predictions of the future are “forward-looking” statements within the meaning of the Private Securities Litigation Reform Act of 1995 which by their nature, involve known and unknown risks and uncertainties. The Company’s actual results, performance or achievements could differ materially from those expressed or implied by such statements. Reference is made to the Company’s regulatory filings with the Securities and Exchange Commission for information or factors that may impact the Company’s performance.
Weingarten Realty Investors
Michelle Wiggs, (713) 866-6050
Vice President of Investor Relations
Source: Weingarten Realty Investors