Real estate investment trust
Weingarter Realty Investors
said Wednesday that it entered into a joint venture with AEW Capital Management.
The Houston-based company said that the JV aquired four grocery-anchored shopping centers and two power centers totaling 523,000 square feet. Four of the properties are located in the Seattle/Tacoma area and two are in Portland, Ore.
The JV is owned 80% by AEW's institutional client. Weingarten, which owns 20%, will manage the properties.
"This is a very important acquisition for us as it marks our entry into two desirable markets -- Portland, Oregon and Seattle/Tacoma, Washington. These properties have exceptional locations, high-quality anchor tenants, and high occupancy rates. Furthermore, we are also pleased to add another strategic partnership with AEW," the comapny said.
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