weingarten purchased

Controversial Houston real estate developer has new owner after major merger

Weingarten Realty, which owns the River Oaks Shopping Center, has merged.

Photo by Weingarten Realty

Houston’s Weingarten Realty Investors, which has made headlines of late with the River Oaks Theatre saga, has a new owner.

Kimco Realty Corp., one of the most prominent owners and operators of open-air, grocery-anchored shopping centers and mixed-use development in North America, has acquired Weingarten for $3.87 billion, according to a press release.

Weingarten shareholders will cash in on approximately $30.32 per share, an 11 premium, CNBC notes. Kimco will in turn own some 71 percent of the combined company’s equity.

This acquisition will create a company with 559 open-air grocery-anchored shopping centers. The deal is expected to close around the second half of 2021, per mutual agreements by both parties.

Major tenants will include Kroger, Whole Foods, and Walmart. Other retailers include Ross Stores and Burlington Stores.

Weingarten is a dominant, grocery-anchored shopping center owner, manager, and developer in the Sun Belt. The company most recently made headlines during a dramatic standoff with tenant Landmark Theatres and the beloved River Oaks Theatre. The two sides were unable to strike a deal and thus, as CultureMap was first to report, the landmark venue permanently shuttered.

“Combining these highly complementary platforms is a win-win for shareholders of both companies,” said Andrew “Drew” Alexander, CEO of Weingarten, in a release. “ We are excited to deliver this transaction to our shareholders, who will realize compelling and immediate value while also benefiting from the upside potential associated with owning the industry’s preeminent open-air shopping center and mixed-use REIT.”

urban-renewal

on the market

Galveston's largest condo offers stunning Gulf views, listed at $2.95M

Photo courtesy of Nan & Company Properties

801 E. Beach Drive offers beachfront elegance.

The largest condo on Galveston island — complete with panoramic sea views and five bedrooms — is on the market. 801 E Beach Drive (Unit 2001) is priced at $2.95 million, and represented by Zuleima Cossio of Nan & Company Properties.

The approximately 3,800-square-foot, 20th floor residence feels like a spacious beach home in the sky, making it perfect for those who want space for family and friends. The residence’s design merged two premium floor plans in the oceanfront high rise, resulting in a spacious layout that includes five bedrooms, each with a private bath, and soaring 10-foot ceilings.

Its four expansive balconies total 805 square feet and offer uninterrupted views of the bay and the Gulf. The kitchen features Costa Esmeralda granite, custom cabinetry, and curated lighting. Those who like to host guests will appreciate the condo's coffee bar, wet bar with a Sub-Zero dual-control wine fridge, and undercounter beverage drawers.

Spacious dining and living rooms also ensure plenty of room for entertaining.

The condo delivers the feel of a generous beach home while providing the ease and amenities of a luxury, maintenance-free coastal lifestyle. Owners and their guests will love the ability to hit the beach or spend an afternoon by the high-rise’s private pool.

Those who are in the market for a spot that provides elegance, ample entertaining and living space, and beautiful views will be intrigued.

Photo courtesy of Nan & Company Properties

801 E. Beach Drive offers beachfront elegance.