Weingarten Realty Investors and Fidelis “swap” Texas retail properties
JLL Capital Markets closed the sale of “The Big Swap” on behalf of both parties
HOUSTON, Feb. 3, 2021 – JLL Capital Markets announced today that it has arranged a property swap between Weingarten Realty Investors, (“WRI”) and Fidelis. The properties included the Village Plaza at Bunker Hill in Houston (an existing joint venture between WRI and Fidelis) and Overton Park Plaza in Fort Worth. Fidelis sold their ownership interest in the Village Plaza at Bunker Hill to WRI and simultaneously purchased WRI’s Overton Park Plaza.
Constructed in 2008, Village Plaza at Bunker Hill is a 491,686-square-foot grocery-anchored shopping center located along Interstate 10 at Bunker Hill Road in Houston. The property is anchored by a 128,000-square-foot H-E-B, PetSmart, Ross, Academy and Burlington. Overton Park Plaza was built in 1990 and is a 354,600-square-foot power center located in Fort Worth anchored by Sprouts Farmers Market, T.J.Maxx, Buy Buy Baby, PetSmart and HomeGoods.
The JLL Retail Capital Markets Investment Sales Advisory team was led by Senior Managing Directors Ryan West and Chris Gerard and Analysts Katherine Miller and Adam Roossien. Additionally, Senior Managing Director Colby Mueck and Director Clint Coe arranged acquisition financing for Overton Park Plaza on behalf of Fidelis.
“These were two of the largest retail trades of 2020 in the U.S.,” Gerard said. “Despite all of the challenges the pandemic presented, this ‘swap’ demonstrates the continued investor interest for high-performing, well-located, grocery-anchored retail.”
“The nature of this transaction, the parties involved and the environment in which it took place speaks volumes to the strong appetite that still exists for retail investments in Texas markets,” West added.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $18.0 billion in 2019, operations in over 80 countries and a global workforce of over 92,000 as of September 30, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Weingarten Realty Investors
Weingarten Realty Investors (NYSE: WRI) is a shopping center owner, manager and developer. At September 30, 2020, 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 162 properties that are located in 15 states spanning the country from coast to coast. These properties represent approximately 31 million square feet of which WRI’s interests in these properties aggregated approximately 21 million square feet of leasable area. To learn more about the company’s operations and growth strategies, please visit weingarten.com.
Fidelis is an owner, operator and developer of retail, healthcare and residential commercial real estate projects. Fidelis has approximately 14 million square feet of property located in five states and 10 cities. Fidelis is headquartered in Houston with regional offices in Dallas, Texas, and Santa Fe, New Mexico. Fidelis’ mission is to maximize the value of the properties they serve for their tenants, customers, partners and communities. To learn more about Fidelis, please see their website at fidelisrealtypartners.com.