Houston-based Whitestone REIT revealed the sale of Torrey Square, a 106,000-square-foot shopping center located in Houston. The legacy property was sold at a 6.7% cap rate for $8.7 million.
According to a prepared statement, the sale is consistent with the company’s strategy to improving the overall quality of its portfolio as Torrey Square had the lowest base rent per leased square foot in Whitestone’s wholly-owned portfolio. The proceeds from the sale are expected to be reinvested in properties that will provide greater long-term value to its shareholders.
Through disciplined stewardship of capital, value-add acquisitions, and proactive asset management, Whitestone has assembled a portfolio of well-located, high-quality Community Centered Properties™ located in some of the highest household income neighborhoods in the country. Since its IPO in 2010, Whitestone has improved its base rent per leased square foot by over 80%.
Chairman and CEO Jim Mastandrea commented, “We are pleased to announce the sale of one of our Houston legacy properties and the continued upgrading of our value add retail service-based portfolio. Whitestone’s objective in the Houston market, as well as Austin, San Antonio, Dallas and Phoenix, is to become one of the leading owners of quality retail properties providing services to the surrounding community, as evidenced by our purchase of BLVD Place on Post Oak Boulevard, in the Uptown Galleria area last year.”
Whitestone is a community-centered retail REIT that acquires, owns, manages, develops and redevelops high quality “e-commerce resistant” neighborhood, community and lifestyle retail centers principally located in the largest, fastest-growing and most affluent markets in the Sunbelt. Whitestone’s optimal mix of national, regional and local tenants provides daily necessities, needed services and entertainment to the communities in which they are located. Whitestone’s properties are primarily located in business-friendly Phoenix, Austin, Dallas-Fort Worth, Houston and San Antonio, which are among the fastest growing U.S. population centers with highly educated workforces, high household incomes and strong job growth.