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Rice to take control of Village Arcade
Business // Real Estate (Prime Property)

Rice to take control of Village Arcade

Deal with university to end Weingarten's ownership of center

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Weingarten Realty Investors says Rice University will pay $55 million to $60 million to complete the transaction.
1of2Weingarten Realty Investors says Rice University will pay $55 million to $60 million to complete the transaction.Photo: Mayra Beltran, Staff
Weingarten president and CEO Drew Alexander, speaking of the Village Arcade: "We're very proud of what we've accomplished there."
2of2Weingarten president and CEO Drew Alexander, speaking of the Village Arcade: "We're very proud of what we've accomplished there."Photo: Mayra Beltran, Staff

Rice University is acquiring the Village Arcade, an upscale shopping center in Rice Village that houses nearly 50 shops and restaurants including the Gap, La Madeleine, Banana Republic and Starbucks.

The current owner, Houston-based Weingarten Realty Investors, developed the center in the early 1990s on land owned by Rice University through a ground lease that had renewal options through 2040.

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