Weingarten Realty Investors (NYSE: WRI), a leading owner, manager and developer of shopping centers, announced today that it acquired Pike Center in Rockville, Maryland for $54 million from JBG Companies and JBG Rosenfeld Retail. Pike Center is a dominant, 81,300 square foot, community shopping center located in affluent Montgomery County, Maryland, between North Bethesda and Rockville at the heavily trafficked intersection of Rockville Pike (Maryland Hwy 355) and Bou Avenue. The center, with extensive frontage along Rockville Pike, one of the busiest and most desirable retail addresses in the D.C. region, is situated between two nearby Metro stations: Twinbrook Metro Station and White Flint Metro Station. The center’s demographics boast 145,000 people within 3 miles and average household incomes of $110,000. The property is also part of the White Flint Sector 2 plan currently under study by the County to revise and amend the existing zoning to high density mixed use development within the next three years.
"We are excited about our second investment in the Washington, D.C. market. The quality of this acquisition furthers our strategy to enhance the quality of the Company’s portfolio. Pike Center is an outstanding investment which should provide WRI with approximately a 6% return on our investment and further offers tremendous upside when the property is redeveloped at some point in the future,” 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 June 30, 2012, 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 316 developed income-producing properties and 11 properties under various stages of construction and development. The total number of properties includes 301 neighborhood and community shopping centers and 26 other operating properties located in 21 states spanning the country from coast to coast representing approximately 63.8 million square feet. To learn more about the Company’s operations and growth strategies, please visit www.weingarten.com.