Weingarten Realty Announces Target as Anchor for Ridgeway Trace Development
December 21 2007 - 9:43AM
PR Newswire (US)
ATLANTA, Dec. 21 /PRNewswire-FirstCall/ -- Weingarten Realty
Investors (NYSE:WRI) announced today Target will be the anchor
store for its Ridgeway Trace development in Memphis, Tennessee.
Weingarten Realty recently sold 10.1 acres to Target to develop
their store which is expected to open in March 2009. Ridgeway Trace
is located at the intersection of Poplar Avenue and I-240 and will
be the first retail development of this size in east Memphis in
more than 30 years. The 26-acre project will include an additional
150,000 square feet of retail space with a mix of lifestyle tenants
and national retailers. The center could include a national
bookstore and a national home electronics retailer. Ridgeway Trace
will open in the spring of 2009 with the development being handled
from Weingarten's Atlanta regional office. According to Charles
Carter, Vice President of New Development for Weingarten's Eastern
Region, "We are extremely pleased to announce the development of
Ridgeway Trace, a 290,000 square foot retail project in Memphis.
This is one of the best retail sites in the Memphis metropolitan
area and we believe this center will provide a great opportunity
for our retailers to operate their stores in a densely populated,
high income area. With a great mix of both national and local
retail tenants and restaurants, the center will create an energetic
and vibrant setting for Memphis shoppers and provide an exciting
new shopping environment for this great city." Other Weingarten
owned retail properties in the Memphis area include: -- Mendenhall
Commons -- an 80,200 square foot, Kroger-anchored shopping center
located at South Mendenhall Road and Sanderlin Avenue. Other
retailers include Pei Wei Asian Diner, Village Frame & Art,
Fantastic Sam's and Sun Trust Bank. -- The Commons at Dexter Lake
-- a 167,000 square foot, Kroger-anchored center, located at the
intersection of North Germantown Parkway and Dexter Road. Retailers
in the center include: Marshalls, Steinmart, Samuels Furniture,
Dress Barn, Wingstop and Honey Baked Hams. -- Bartlett Towne Center
-- a 179,000 square foot, Kroger-anchored shopping center, located
at Bartlett Blvd. and Stage Road in Bartlett, Tennessee. Key
retailers include Shoe Carnival, Petco, CATO Fashions, Mattress
Firm, Sally Beauty TCBY and Little Caesars. -- Summer Center -- a
154,000 square foot, Kroger-anchored shopping center, located at
Summer Avenue and Waring Road. Other retailers include: Ross Dress
For Less, Blockbuster Video, Shoe Show and Dots. -- Highland Square
-- a Walgreens, located at Summer Avenue and North Highland Street
As one of the largest real estate investment trusts listed on the
New York Stock Exchange, Weingarten Realty Investors (NYSE:WRI) is
focused on delivering solid returns to shareholders by actively
developing, acquiring, and intensively managing properties in 23
states that span the United States from coast-to-coast. The
Company's portfolio of 420 properties includes 342 neighborhood and
community shopping centers and 78 industrial properties. Including
tenant-owned square footage, the Company's portfolio under
management totals more than 70 million square feet. Weingarten has
one of the most diversified tenant bases of any major REIT in its
sector, with the largest of its 5,600 tenants comprising less than
3% of its rental revenues. To learn more about the Company's
operations and growth strategies, please visit
http://www.weingarten.com/. DATASOURCE: Weingarten Realty Investors
CONTACT: Amy Jones, Director of Marketing, +1-713-866-6996, or
Richard Summers, VP-Director of Investor Relations,
+1-713-866-6050, both of Weingarten Realty Investors Web site:
http://www.weingarten.com/
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