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Whitestone REIT continues to dump nonretail propertiesWhitestone REIT continues to dump nonretail propertieshttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=124482016-03-15T05:00:00Z

​​HOUSTON - Whitestone REIT has shed the fourth of seven properties identified for sale as it shifts its focus exclusively to shopping centers.

"Our plan is to transition Whitestone into a pure play owner of neighborhood retail centers," Jim Mastandrea, chairman and CEO of Whitestone REIT.

The company has identified seven properties for disposition that have been in its portfolio since the current management team was appointed nearly ten years ago.

The remaining properties listed for sale are: Webster Point at 17926-17930 Texas 3, Webster; Torrey Square Center at 13030-13096 Veterans Memorial; and Centre South Center, 11030 Kingspoint.

Whitestone plans to reinvest the sales proceeds into other properties.

Its shopping centers, which span cities in Texas, Arizona and Illinois, are located in neighborhoods with an overall median household income of more than $75,000.

Whitestone acquired $150 million in new properties last year and has earmarked about $200 million for acquisitions in 2016.

The Houston-based real estate investment trust announced the sale of Brookhill, an office/flex building at 6205-6245 Brookhill Drive in southeast Houston, for $3.1 million. It expects to recognize a gain of $1.9 million on the sale in first quarter.

Houston Chronicle
Houston-The Woodlands-Sugar Land
Retail
http://www.chron.com/business/real-estate/article/Whitestone-REIT-sells-another-nonretail-property-6875577.phpRead more at {Source}

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