Initiates Sale with Plan to Recycle Capital for New Acquisitions
HOUSTON--(BUSINESS WIRE)--
Whitestone REIT (NYSE-Amex: WSR – “Whitestone”), a real estate
investment trust that acquires, owns and operates Community Centered
PropertiesTM, today announced the sale of Greens Road Plaza
for $1.75 million in an all-cash transaction. The Company expects to
reinvest the proceeds from the sale of the 20,607 square foot property
located in Northeast Houston in acquisitions of Community Centered
Properties in its target markets in Arizona, Texas, and Illinois.
“Our business plan includes the divesture of non-core assets and the
re-deployment of capital into Community Centered Properties that can add
value for our shareholders,” said James C. Mastandrea, Whitestone’s
Chairman and Chief Executive Officer. “We are pleased to have a
significant pipeline of off-market acquisitions and are working
diligently to continue acquiring assets that are discounted to
replacement cost as we grow our Phoenix region. We now own five
Community Centered Properties in Phoenix and have two more under
contract.”
About Whitestone REIT
Whitestone REIT is a fully integrated real estate company that owns,
operates and re-develops Community Centered PropertiesTM,
which are visibly located properties in established or developing
culturally diverse neighborhoods. Whitestone focuses on value-creation
in its Centers, as it markets, leases and manages its Centers to match
tenants with the shared needs of surrounding neighborhoods. Operations
are structured for providing cost-effective service to local
service-oriented smaller space tenants (less than 3,000 square feet).
Whitestone has a diversified tenant base concentrated on service
offerings such as medical, education, and casual dining. The largest of
its over 800 tenants comprises less than 2% of its rental revenues.
Headquartered in Houston, Texas and founded in 1998, the Company is
internally managed with a portfolio of commercial properties in Texas,
Arizona, and Illinois. For additional information about the Company,
please visit www.whitestonereit.com.
The investor section of the Company's website has links to SEC filings,
news releases, financial reports and investor newsletters.
Forward-Looking Statements
Statements included herein that state the Company's or management's
intentions, hopes, beliefs, expectations or predictions of the future
are "forward-looking" statements within the meaning of the Private
Securities Litigation Reform Act of 1995, which by their nature, involve
known and unknown risks and uncertainties. The Company's actual results,
performance or achievements could differ materially from those expressed
or implied by these statements. Reference is made to the Company's
regulatory filings with the Securities and Exchange Commission for
information or factors that may impact the Company's performance.
Source: Whitestone REIT
Contact:
Whitestone REIT:
Anne Gregory, 713.435.2219
Vice
President Marketing & Investor Relations
agregory@whitestonereit.com