Weingarten Realty Investors (NYSE: WRI), a leading owner, manager and developer of shopping centers, announced today that it acquired Cambrian Park Plaza in San Jose, California. Cambrian Park Plaza is a 170,000 square foot in-fill shopping center serving the affluent cities of San Jose, Los Gatos, Campbell and Saratoga. The center’s demographics boast 180,000 people within 3 miles, average household incomes of $117,000 and over 50% of the residents with a college degree. The center has tremendous future redevelopment potential.
"We are excited about this acquisition. The strong demographics and structure of existing leases provides us the opportunity to create meaningful shareholder value as we redevelop this property over the next several years. The in-fill nature of this location will allow our best-in-class team to create a unique shopping experience for the local community,” said Drew Alexander, President and Chief Executive Officer.
This is the second acquisition the Company has closed in 2015. WRI purchased Baybrook Gateway in Houston, Texas in January.
About Weingarten Realty Investors
Weingarten Realty Investors (NYSE: WRI) is a shopping center owner, manager and developer. At December 31, 2014, 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 237 properties which are located in 21 states spanning the country from coast to coast. These properties represent approximately 45.3 million square feet of which our interests in these properties aggregated approximately 27.8 million square feet of leasable area. To learn more about the Company’s operations and growth strategies, please visit www.weingarten.com.
Contacts:
Michelle Wiggs, (713) 866-6050
