Swamplot Archives by Tag: REITs

Wednesday, October 28, 2009

Weingarten’s Selloff Continues

October 28, 2009 – 2:33 pm
   

The 283,841-sq.-ft. Central Park Northwest off Dacoma St. and the 100,600-sq.-ft. Jester Plaza near Oak Forest are the latest industrial properties to leave the Weingarten Realty fold. And there’s more to jettison: “The company’s vice president/director — industrial properties Kelly Landwermeyer told GlobeSt.com the disposition of the industrial service center on 3500-3582 W. T.C. Jester Blvd. is part of Weingarten’s overall disposition strategy of non-core industrial asset, which includes service centers and flex properties. He says another asset is under contract and scheduled to close within the next few weeks. ‘There are another half-dozen on various pre-contract stages in the pipeline,’ he explains, adding that there are no set deadlines for closings by the end of 2009.” [Globe St.; previously on Swamplot]

2:33 pm | 1 Comment | Read more about Buying and Selling, Industrial Properties, Neighborhoods: Dacoma, Neighborhoods: Oak Forest, Quicklink
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Wednesday, April 22, 2009

Issuing Stock and Favorable Recommendations: Why the Banks Love Weingarten Realty

April 22, 2009 – 10:55 am

A financial blogger going by the overused name of Tyler Durden points to some fishy behavior on the part of banks promoting a new stock offering by troubled Weingarten Realty. Writes the reader who alerted Swamplot to the story:

This may be a bit too finance-y for you, but apparently a recent Weingarten equity offering is being used to pay down debt to banks, which the author of this post (and me) find a bit suspicious. Further shenanigans? Analyst recommendations changing for the better just before the tender.

Is this too finance-y for Swamplot? Let’s find out!

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10:55 am | 14 Comments | Read more about Financing
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Wednesday, April 1, 2009

And What About the River Oaks Shopping Center?

April 1, 2009 – 12:37 pm
   

His company’s stock down more than 70 percent since last year and the 2009 calendar wiped clean of all new development projects, Weingarten Realty president and CEO Drew Alexander tells analysts and investors the REIT is gonna survive. “The key to the survival? An increase in cash on the balance sheet and a continued ‘focus on tenants that sell basic goods and services,’ Alexander commented. Those tenants include grocery stores, dry cleaners, quick-serve restaurants and value chains such as Ross, Marshall’s and TJ Maxx.” [Globe St.]

12:37 pm | 15 Comments | Read more about Economic Conditions, Leasing, Neighborhoods: River Oaks, Quicklink, Retail
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Thursday, September 11, 2008

Greenway Plaza: Not Going Down Easy, Up for Sale

September 11, 2008 – 7:31 am

Greenway Plaza, Houston

Morgan Stanley, having swallowed Crescent Real Estate Equities near the peak of the market last year, is having a little trouble digesting the REIT.

The Wall St. Journal reports that one of the Crescent properties Morgan Stanley is ready to spit out is . . . Greenway Plaza. An article by reporters Lingling Wei and Aaron Lucchetti finds a July estimate of $826 million for the 10-building complex.

Photo: Flickr user ShinyCrazyDiamond

7:31 am | Add a Comment | Read more about Buying and Selling, Commercial Real Estate, Neighborhoods: Greenway Plaza, Office Buildings
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Monday, October 22, 2007

Big! Lots for Small! Fry

October 22, 2007 – 8:02 am

Firewheel Village Shopping Center, Garland, Texas

Worried that all those big-money real-estate investors have turned the Texas landscape into an unending sprawl of soulless shopping centers populated by the same boring chain stores?

Well, worry no longer! That’s right: Now even small investors can get in on the act!

As of this month, a new company called Nexregen will let even grumpy, middle-income sprawl curmudgeons put their money where their mouth is—by investing in shopping centers, strip malls, and other commercial real estate with as little as $2500.

For now, the options are limited: Nexregen is for Texas investors only, and there’s only one property available so far: the 14.5-acre, 148,870-square-foot Firewheel Village Shopping Center in the sprawling Dallas satellite of Garland, Texas, pictured above.

Yes, it’s a REIT, but you’re investing in a single property at a time. And that’s a pretty small minimum investment. If you think Houstonians aren’t proud enough of their commercial strips—or that there aren’t enough of them—just wait until Nexregen sells property here!

8:02 am | Read more about Commercial Real Estate, For Sale by Owner, Real Estate Investing, Shopping Centers, Sprawl, Strip Centers
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Monday, May 14, 2007

Pearland’s New Drive-Thru Mall

May 14, 2007 – 11:35 am

Pearland Town Center Street View

Pearlanders excited about the Dillards, Macy’s, Barnes & Noble, and other typical mall fare that will become available to them when the new Pearland Town Center opens next summer will likely find even more excitement when they learn they’ll be able to drive right up to their favorite stores!

And no, it won’t be a Big Box center. (At least . . . not at first.) It’ll be just like a mall, except it’ll be open-air. It’ll be just like an outlet mall, except the streets will be tighter and more “urban.” It’ll be just like a downtown shopping district, except . . . it’ll be surrounded by a sea of parking!

And just what premium will shoppers be willing to pay for the chance they might be able to grab one of the few head-in spaces right in front of the Great American Cookie Co.? Once they’re in the outer parking areas, will they take a chance and wait patiently in traffic for the possibility there might just be a head-in space available there, or maybe in front of Victoria’s Secret?

Or . . . will all those premium close-in spaces go valet?

How much of a traffic backup will this new mall design cause? More on that, plus more artist renderings of the new mall, after the jump.

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11:35 am | Read more about Malls, New Construction, Pearland, Retail, Shopping Centers
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