NYC-based firm buys 15 Tampa warehouses

BUYER: G&I VII Tampa East LLC (G&I Intermediate Ranger III LLC), New York City
SELLER: Weingarten Realty Investors
PROPERTY: 8105, 8106 and 8108 Krauss Blvd., 498 Rille Lane and 1831, 1841, 1883, 1417, 1425, 1421, 1429, 1430 and 1440 Massaro Blvd., Tampa
PRICE: $19.5 million
PREVIOUS PRICE: $24.1 million, November 2005

BUYER: G&I Hopewell LLC (G&I Intermediate Ranger III LLC), New York City
SELLER: WRI Hopewell LLC
PROPERTY: 1201 Old Hopewell Road, Tampa
PRICE: $7.1 million
PREVIOUS PRICE: $8.9 million, November 2006

BUYER: G&I VII 1801 Massaro LLC (G&I Intermediate Ranger III LLC), New York City
SELLER: Weingarten Realty Investors
PROPERTY: 1801 Massaro Blvd., Tampa
PRICE: $5.6 million
PREVIOUS PRICE: $4.3 million, April 2003

LAW FIRM ON DEED: Blank Rome LLP, New York City

PLANS, DESCRIPTION: DRA Growth and Income Fund VII, a fund managed by New York City-based DRA Advisors LLC, purchased 15 warehouse/distribution buildings in Hillsborough County for a total of $32.2 million.

The price equated to $35 per square foot.

DRA acquired the largest portion, 13 buildings with 522,628 square feet of space on Krauss Boulevard, Rille Lane and Massaro Boulevard, for $19.5 million. In the other two acquisitions, DRA affiliated entities purchased the Hopewell Industrial Center for $7.1 million and a distribution warehouse on Massaro Boulevard for $5.6 million.

Weingarten Realty Investors sold the 15 buildings as part of a larger portfolio sale of 52 industrial properties to DRA Growth and Income. The properties, which contained a total of 9.6 million square feet, were located in Atlanta, Austin, Texas; Dallas, Houston, Memphis, Tenn.; Richmond, Va.; San Antonio, and Tampa. The portfolio was purchased for a total of $382.4 million, equal to a purchase payoff ratio based on income (capitalization rate) of 8%.

Weingarten plans to use the proceeds from the sale to pay down its revolving credit line and repay a $200 million unsecured term loan.

J.P. Morgan Securities LLC served as financial adviser to Weingarten on the sale.

DRA Advisors did not reply to calls for comment prior to deadline.

Since its founding in 1986, DRA Advisors and its funds have purchased more than 850 properties valued at $18 billion.