Whitestone REIT (NYSE: WSR) (“Whitestone” or the “Company”), a real estate investment trust that acquires, owns and operates Community Centered Properties TM, announced today that Paul T. Lambert was appointed to its Board of Trustees on March 15, effective immediately.
An entrepreneur with over three decades of real estate investment experience, Mr. Lambert has significant experience in commercial real estate and financing of development projects. He currently serves as President of Lambert Capital Corporation, a private firm established in 2005. He recently completed the highly successful $275 million Wailea Beach Villas condominium project on Maui.
“I am pleased that Paul is joining Whitestone’s Board as an independent trustee, and am confident that he will bring an added level of experience and insight to Whitestone,” said James C. Mastandrea, Chairman and Chief Executive Officer of Whitestone REIT.
“I am excited about the Company’s unique business model and differentiating strategy of Creating Communities in their Properties, which hinges on unanchored, smaller retail properties with entrepreneurial, service-oriented small space tenants,” said Mr. Lambert. “I’m looking forward to joining the Company at an opportune time as Whitestone’s board and management team widens its focus to seek added value by developing land it already owns to expand capacity and add new tenants, rebrand and reposition legacy properties, and introduce new operating technology and enhanced services that strengthen tenant relationships, rental rates and revenues.”Mr. Lambert began his real estate and investing experience in 1980 as a developer with Dillingham Land in Hawaii, where he developed a range of successful commercial projects. For 12 years after Dillingham, he was a Principal and Managing Partner of The Shidler Group, a nationally focused private real estate investment firm, where he owned and managed a 3 million square foot diverse portfolio of commercial properties in six states. Additionally, he was a Founder, Director and Manager of First Industrial Realty Trust, a publicly traded REIT (NYSE:FR) and one of the largest owners of diversified industrial real estate in the nation. Mr. Lambert also served as the Chief Operating Officer of First Industrial from its initial public offering in 1994 to the end of 1995. He has been a Trustee since 1998 of Paragon Real Estate Equity and Investment Trust, traded on the former American Stock Exchange until 2006. Mr. Lambert holds a BA from Occidental College and an MBA from the Stanford Graduate School of Business.
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