Weingarten Purchases 8000 Sunset for $99 Million
Image: 8000 Sunset
A Texas-based real estate investment trust called Weingarten has just purchased a Los Angeles shopping center called 8000 Sunset for $99 million.
Located on the legendary Sunset Strip in Los Angeles, 8000 Sunset is a city landmark that includes specialty stores and restaurants. As a unique shopping and entertainment destination reflecting the glamorous lifestyle of southern California, 8000 Sunset has artfully manicured landscaping, a number of new seating cove, complimentary WiFi service, free entertainment on the Plaza by musicians, a Burke Williams Spa, a Starbucks, a Trader Joe’s, a CB2 and much more.
Weingarten, which is based in Houston, TX, announced the acquisition through their website. The President and CEO of Weingarten, Drew Alexander, is quoted as saying, “8000 Sunset is the quality shopping center that we are focused on in our recycling initiate. The center’s retailers, Trader Joe’s, Pei Wei and Starbucks, are all existing relationship and combined with the superior demographics including the extreme density and high household incomes as well as strong barriers to entry represents the quality we are pursuing in our acquisition program today.”
According to the release, Weingarten Realty Investors year-to-date acquisitions total $121 million.
8000 Sunset is positioned at the corner of Sunset Boulevard and Crescent Heights Boulevard at one of the most bustling intersections in Los Angeles surrounded by exceptionally affluent residential communities like Beverly Hills, West Hollywood and Hollywood Hills.
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