posted on January 06, 2012 23:48
Whitestone REIT NYSE Amex: WSR) closed its purchase on Wednesday of the Shops at Starwood, a North Dallas-area retail center, for $15.7 million in cash.
The Houston-based real estate company also purchased an adjacent 2.73-acre undeveloped parcel of land for $1.9 million, which was mainly funded through a loan. Whitestone could add up to 36,000 square-feet of retail and executive office space to the development site.
The Shops at Starwood is a Class A retail center with 55,385 square feet of leasable space. According to Whitestone, it is 98 percent leased, and its tenants include Kotta Sushi Lounge and TruFire Kitchen and Bar.
The purchase is Whitestone’s first retail property in Dallas. It has two other properties in the Dallas area.
According to the Shops at Starwood website, Hermansen Land Development Inc. is the owner of the development.
12/28/11, Houston Business Journal