Monday , 26 September 2016
Breaking News

Whitestone REIT Sells Houston Industrial as It Moves to Pure Retail Play

HOUSTON — Whitestone REIT has sold its Brookhill warehouse/flex building in Houston for $3.1 million.

The sale is part of the Houston REIT’s purification of its portfolio as the firm focuses on neighborhood and community retail properties.

The 75,000-SF Brookhill building is located near at the southeast corner of Brookhill Drive and South Wayside Drive, near Gulfgate Mall.

Brookhill is the fourth legacy property Whitestone has sold and currently has another three properties listed for sale.  All seven properties were part of the original portfolio that was in place when the current management team took over the company in late 2006.

Whitestone expects to continue its disposition of non-core assets throughout 2016 and anticipates that it will recycle the proceeds into properties located in fast growing cities where it currently owns real estate and other similar markets in business friendly states.

“We are pleased to have completed the fourth sale of our non-core legacy properties.  Our plan is to transition Whitestone into a pure play owner of neighborhood retail centers with a tenant mix that is highly internet resistant,” says Jim Mastandrea CEO of Whitestone. “Whitestone’s portfolio generates approximately $70 million of annual net operating income and retail community centered properties make up 90% of our invested capital.”

Founded in 1998, Whitestone has a portfolio of 69 commercial properties in Texas, Arizona and Illinois.

 

Leave a Reply

Scroll To Top
%d bloggers like this: