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Weingarten Acquires Retail Components in 2200 Westlake

Zacks Equity Research
Updated

In a major development, Weingarten Realty Investors WRI has made the announcement of acquiring the retail component of 2200 Westlake from Seattle-based Vulcan Real Estate. The acquisition of 2200 Westlake, situated at 2200 Westlake Avenue in Seattle, WA, is expected to complement Weingarten Realty’s portfolio in Seattle. Weingarten Realty purchased the property in a joint venture (“JV”) with Bouwinvest and the former holds 65.7% interest in the property and its investment in the JV is worth $43.5 million.

Notably, 2200 Westlake is a mixed-use property and it is anchored by Whole Foods Market. The property contains a parking garage, an 11-story five-star Pan Pacific hotel, and residential condos. Through this JV, 73,800 square feet of retail component was purchased, which included Whole Foods Market and 412 parking stalls.

The deal is part of an off-market transaction in which Vulcan purchased Weingarten Realty’s Promenade 23, a top-quality property in Seattle for $30.9 million. This transaction is in sync with Vulcan’s expansion strategy. Vulcan intends to redevelop its existing center into a mixed-use project, which will include rental housing units and ground-floor retailing.

Currently, Weingarten Realty carries a Zacks Rank #2 (Buy).

Investors interested in retail REIT may consider stocks like National Retail Properties, Inc. NNN, Retail Opportunity Investments Corp. ROIC and Regency Centers Corporation REG. All these stocks hold the same Zacks Rank as Weingarten Realty.

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REGENCY CTRS CP (REG): Free Stock Analysis Report
 
NATL RETAIL PPT (NNN): Free Stock Analysis Report
 
WEINGARTEN RLTY (WRI): Free Stock Analysis Report
 
RETAIL OPPURTUN (ROIC): Free Stock Analysis Report
 
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Zacks Investment Research