|Update: Sale closes on BLVD Place||Update: Sale closes on BLVD Place||https://www.recenter.tamu.edu/news/newstalk-texas/?Item=16722||2017-05-31T05:00:00Z||2017-05-31T20:30:00Z|
HOUSTON – Whitestone REIT has closed on its acquisition of BLVD Place, the Whole Foods-anchored mixed-use development along Post Oak Blvd. in Uptown.
The company spent $158 million, funded through cash and $80 million of financing, according to the latest public filing.
The 216,944-sf center is 99.2 percent leased.
Included in the purchase is 1.43 acres of land where the company plans to develop another mixed-use building.
The company's plans to add more space include a six-story, 136,930-sf building with 46,000 sf of retail space on the first two floors and 91,000 sf of office space on the top four floors.
Whitestone received a non-recourse, interest-only loan from American General Life Insurance Co. that matures on July 1, 2027 and accrues interest at a fixed interest rate of 3.72 percent per year.
|Houston Chronicle||Houston-The Woodlands-Sugar Land||Mixed-Use|| http://www.chron.com/business/real-estate/article/Whitestone-REIT-closes-on-158-million-11183654.php|
Related: How much cash for Houston Blvd Place; McKinney Eldorado Plaza?