Weingarten Realty Investors (NYSE: WRI), a leading owner, manager and developer of shopping centers, announced today the acquisition of Mueller Regional Retail Center in Austin, Texas. The power center is 350,000 square feet and is anchored by Home Depot, Marshalls, Bed Bath & Beyond, and PetSmart. The property is part of the Mueller Regional Retail District, a 700 acre master planned community that will include over four million square feet of commercial space and 4,600 residential units when fully built out. The property is adjacent to Interstate 35, Austin’s major north-south artery and benefits from the average daily traffic count of over 240,000 vehicles as well as the trade area population of 150,000 people.
"We are pleased with the acquisition of this high quality urban shopping center with a strong tenant line up. Austin is a robust market where we expect to continue to see strong growth in employment, population and rents over the next five years," said Drew Alexander, President and Chief Executive Officer.
In addition, the Company reported great progress in its disposition program. During the third quarter of 2013, the Company sold eight non-core properties and two land parcels. For the quarter and year-to-date, the Company’s share of proceeds from dispositions totaled $116 million and $240 million, respectively.
About Weingarten Realty InvestorsWeingarten Realty Investors (NYSE: WRI) is a shopping center owner, manager and developer. At June 30, 2013, 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 281 properties which are located in 21 states spanning the country from coast to coast. These properties represent approximately 51.5 million square feet of which our interests in these properties aggregated approximately 30.8 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 In addition to historical information, this press release contains forward-looking statements. These statements are based on current expectations, estimates and projections about the industry and markets in which Weingarten operates, management's beliefs, and assumptions made by management. It is important to note that Weingarten's actual results could differ materially from those projected in such forward-looking statements. Forward-looking statements are not guarantees of future performance and involve certain risks and uncertainties which are difficult to predict. Reference is made to Weingarten's regulatory filings with the SEC for information or factors that may impact Weingarten's performance.