HOUSTON – (Realty News Report) – Weingarten Realty Investors has completed a significant transaction with Fidelis Realty Partners, acquiring full ownership of the Village Plaza at Bunker Hill in Houston while divesting a major shopping center in Fort Worth.
Houston-based Weingarten bought the remaining 42 percent stake in Village Plaza at Bunker Hill from Fidelis Realty Partners, the Houston firm led by Alan Hassenflu. At the same time, Overton Park Plaza, a 354,000-square-foot shopping center in Fort Worth that Fidelis had been managing and marketing, changed hands.
Village Plaza at Bunker Hill is a 492,000-square-foot, grocery-anchored retail center located on the north side of the Katy Freeway, near Memorial City.
The center’s anchors include a 128,000-square-foot H-E-B grocery store, Burlington and Academy Sports + Outdoors. Situated in the affluent Memorial area of West Houston, Village Plaza at Bunker Hill ranks among the city’s premier shopping destinations, serving a trade area with roughly 140,000 residents and an average household income of about $141,000 within a three-mile radius.
“Purchasing the remainder of Village Plaza at Bunker Hill is a major accomplishment. Anchored by H-E-B, one of the finest grocers in the nation, and other national retailers, this purchase further strengthens our outstanding grocery-anchored portfolio. The proceeds from our disposition program allowed us to fund our 2020 acquisitions and the special dividend we paid our shareholders as well as essentially finish funding our new development program. All of these transactions reinforced our solid balance sheet and strong liquidity position, which positions us for future opportunities,” said Drew Alexander, CEO of Weingarten Realty.
The purchase price for Village Plaza at Bunker Hill was not disclosed. The Harris County Appraisal District assessed the property at $121 million in 2020.
Weingarten confirmed it used proceeds from the sale of Overton Park Plaza in Fort Worth to acquire full ownership of Village Plaza at Bunker Hill.
Weingarten Realty, a REIT listed on the New York Stock Exchange, traces its origins to the Weingarten’s grocery chain founded in Houston by Joe Weingarten, a Polish immigrant.
Fidelis Realty Partners maintains a substantial retail portfolio that includes Meyerland Plaza, a roughly 1 million-square-foot center at Loop 610 and Beechnut near Bellaire.
Jan 12, 2021 Realty News Report Copyright 2021
File: Weingarten Deals with Fidelis
Caption: H-E-B anchors Village Plaza at Bunker Hill. Photo credit: Ralph Bivins of Realty News Report Copyright 2021.
File: (2) Village Plaza at Bunker Hill. Weingarten Deals with Fidelis Realty 1-12-21, Overton Park Plaza. Katy Freeway. Memorial City.