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The properties total more than 881,000 square feet and were constructed between 1966 through 1991. Two of the retail centers, both anchored by Raley's supermarket, are in suburban San Francisco. A third, in southern Los Angeles, is anchored by Albertson's Grocery Store. The fourth, in Albuquerque, N.M., is anchored by Whole Foods.
Paul Geyer, a principal in Prudential Mortgage Capital's Dallas office, arranged the 104-month fixed rate loan.
"The real estate expertise of Weingarten Realty Investors, combined with a strong portfolio of grocery-anchored retail centers, made this an attractive opportunity for Prudential Mortgage Capital," Geyer said. "This loan highlights our strong commitment to providing quality loans and excellent service to our borrowers and we look forward to working with this borrower in the years to come."
Gary Greenberg, senior vice president of Capital Markets, Weingarten Realty Investors said, "We have a highly valued relationship with Prudential. We were pleased to close another deal with them and their team's performance on this deal exceeded our expectations."
As one of the largest real estate investment trusts listed on the New York Stock Exchange, Weingarten Realty (NYSE:WRI) is celebrating its 60th anniversary as a commercial real estate owner, manager and developer, formed in 1948. Focused on delivering solid returns to shareholders, Weingarten is actively developing, acquiring, and intensively managing properties in 23 states that span the United States from coast-to-coast. The Company's portfolio of 404 properties includes 323 neighborhood and community shopping centers and 81 industrial properties. Including tenant-owned square footage, the Company's portfolio currently totals approximately 73 million square feet under management. Weingarten has one of the most diversified tenant bases of any major REIT in its sector, with the largest of its 5,300 tenants comprising less than 3% of its rental revenues. To learn more about the Company's operations and growth strategies, please visit www.weingarten.com.
Prudential Mortgage Capital Company is a national full-service, commercial and multifamily mortgage finance business with $61 billion in assets under management and administration as of March 31, 2009. With a 130-year history in real estate finance, the company offers one of the most comprehensive lines of real estate finance products and originates loans for Fannie Mae DUS(TM), FHA and Freddie Mac Targeted Affordable programs; Prudential's general account; and other institutional investors. For more information, please visit www.prumortgagecapital.com.
Prudential Financial, Inc. (NYSE: PRU), a financial services leader with approximately $542 billion of assets under management as of March 31, 2009, has operations in the United States, Asia, Europe, and Latin America. Leveraging its heritage of life insurance and asset management expertise, Prudential is focused on helping approximately 50 million individual and institutional customers grow and protect their wealth. The company's well-known Rock symbol is an icon of strength, stability, expertise and innovation that has stood the test of time. Prudential's businesses offer a variety of products and services, including life insurance, annuities, retirement-related services, mutual funds, investment management, and real estate services. For more information, please visit http://www.news.prudential.com
SOURCE: Prudential Financial, Inc.
Prudential Lisa Iurato, 973-802-5345 lisa.iurato@prudential.com
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