Weingarten Realty Announces Lowe’s as Anchor for North Towne Plaza Project

Weingarten Realty Announces Lowe’s as Anchor for North Towne Plaza Project

HOUSTON, Jan. 16 /PRNewswire-FirstCall/ — Weingarten Realty (NYSE: WRI) announced today Lowe’s will anchor its North Towne Plaza project located in Brownsville, Texas. Weingarten Realty sold 14.4 acres to Lowe’s to develop their store which is expected to open winter 2008.

North Towne Plaza is located at the key intersection of US 77 and FM 802 which serves as the focal point for retail in the region. This 330,000 square foot project will not only serve the Brownsville area but Matamoras, Mexico as well. North Towne Plaza is a two phase new development with the first phase coming online winter 2008 and phase two is projected to be completed spring 2010.
Eric Strauss, Regional Director of New Development for the Central Region said, “We are very pleased to announce Lowe’s as an anchor for this strategically located development. When completed North Towne Plaza will be one of the largest Power Centers in Brownsville and will provide an exciting new shopping environment for this wonderful city.”

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.

SOURCE Weingarten Realty

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