HOUSTON, Dec. 22, 2022 (GLOBE NEWSWIRE) — Whitestone REIT (NYSE:WSR) today announced the acquisition of Lake Woodlands Crossing, a 60,246 square foot retail property in The Woodlands, TX.
“This acquisition marks Whitestone’s first acquisition in the Houston market since its acquisition of BLVD Place, a Whole Foods Market anchored property in the Uptown District in 2017, and positions Whitestone to benefit from continued growth in The Woodlands, home to numerous corporate campuses and businesses, including Huntsman Corporation, Halliburton, Baker Hughes, OXY and Woodforest National Bank,” said Whitestone REIT Chief Operating Officer, Christine Mastandrea. “Lake Woodlands Crossing is a high-traffic center and benefits from a 1-mile radius average household income in excess of $250,000.”
“Whitestone, headquartered in Houston, now owns 57 open-air retail centers located in some of the fastest-growing markets in the country. Lake Woodlands Crossing is at the heart of The Woodlands, across from Market Street—a luxury brand, walkable outdoor shopping center anchored by powerhouse Texas grocer H-E-B. This acquisition brings our Houston portfolio to 14 properties and allows us to leverage our in-place leasing, property management and construction teams,” said Whitestone REIT Chief Executive Officer, Dave Holeman.
As part of the Company’s ongoing asset management strategy, Whitestone recently announced approximately $36 million in dispositions and communicated its intent to use the proceeds for debt reduction and future accretive acquisitions with greater upside than the properties which were sold. Lake Woodlands Crossing fits perfectly with this strategy through its premier location in a thriving community, service-oriented tenant mix providing convenience and connection, and upside potential to lease the current 11% vacancy in the property. Key tenants include a top performing Total Wine, Ulta Beauty, Body Fit Training, Bluestone Lane Coffee and Flower Child.
About Whitestone REIT
Whitestone REIT (NYSE: WSR) is a community-centered real estate investment trust (REIT) that acquires, owns, operates, and develops open-air, retail centers located in some of the fastest growing markets in the country: Phoenix, Austin, Dallas-Fort Worth, Houston and San Antonio.
Our centers are convenience focused: merchandised with a mix of service-oriented tenants providing food (restaurants and grocers), self-care (health and fitness), services (financial and logistics), education and entertainment to the surrounding communities. The Company believes its strong community connections and deep tenant relationships are key to the success of its current centers and its acquisition strategy. For additional information, please visit the Company’s investor relations website.
