REIT 'Traces' $41 million buy to Sugar LandREIT 'Traces' $41 million buy to Sugar Landhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=20762015-01-05T11:25:00Z2015-01-05T08:00:00Z

SUGAR LAND - Whitestone REIT has acquired the Williams Trace Plaza and The Shops at Williams Trace shopping centers for $40.7 million or about $155 per sf.

The Williams Trace Plaza and The Shops at Williams Trace shopping centers are located along Texas 6 between Williams Trace and Settlers Way Boulevards and total 262,213 sf.

Williams Trace Plaza totals 129,222 sf on 15 acres and is 95 percent leased. Williams Trace Plaza was purchased for $20.1 million.

The Shops at Williams Trace totals 132,991 sf on 12 acres and is 87 percent leased. Shops at Williams Trace was purchased for $20.6 million.

Combined, the centers were 91 percent occupied at the time of sale with an in-place NOI of $3.1 million, or a 7.62 percent cap rate. The tenant roster includes Petco, Dollar Tree, Luby’s, Walgreens, GNC, Los Tios Mexican, Design Source, China King and State Farm.

The centers are in a region where household incomes average $115,000 in the 72,000 surrounding homes and more than 50,000 cars pass by each day.

The deal marks Whitestone’s first acquisition in the Houston market since the company became publicly traded in 2010.

A partnership between Dallas-based Henry S. Miller Cos. and New York City-based Dome Equities sold the property.

Houston Chronicle
Houston-The Woodlands-Sugar Land
http://blog.chron.com/primeproperty/2014/12/whitestone-reit-buys-two-sugar-land-shopping-centers/Read more at {Source}

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