News in Brief: Rice to purchase Rice Village Arcade Shopping Center
The Rice Management Company, a division of Rice University that is responsible for managing the school’s endowment, is in the process of acquiring the Village Arcade Shopping Center, located in Rice Village, from current owner Weingarten Realty Investors, according to company president Allison Thacker (Baker ’96).
The Rice Management Company, a division of Rice University that is responsible for managing the school’s endowment, is in the process of acquiring the Village Arcade Shopping Center, located in Rice Village, from current owner Weingarten Realty Investors, according to company president Allison Thacker (Baker ’96).
“Rice and Weingarten have enjoyed a successful partnership since the 1990s, when they entered into a joint venture to develop the Village Arcade to serve the local retail market,” Thacker said. “The Village Arcade is part of the endowment that funds Rice University’s educational mission. The Rice Management Company is responsible for this property and considers it to be a long-term core investment for the endowment.”
According to a press release from Weingarten Realty Investors, Rice held the ground lease for the shopping center and is exercising their purchase option on the lease to end the partnership early.
“WRI received notice from the holder of the ground leases at The Village Arcade (including the Village Arcade and Phases II and III) in Houston, Texas of their intent to exercise their purchase option under the ground lease,” the press release states.
According to BJ Almond, the senior director of News and Media Relations at Rice, the Rice Management Company is still working on the details of the buyout, which is expected to be finalized this fall.
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