- Woodlake Plaza, a 106,000 square foot community office building located near the Westchase District;
- Main Park, a 113,000 square foot community center located near Reliant Stadium and the Texas Medical Center, targeting medical labs,
- Lion Square, a 118,000 square foot retail community center located in the Asian district in southwest Houston; and,
- Torrey Square, a 106,000 square foot retail center located in one of the predominately Latino districts in north Houston.
Whitestone REIT (NYSE: WSR – “Whitestone” or the “Company”), a real estate investment trust which operates Community Centered Properties TM, today announced that it launched four property redevelopment and repositioning programs in its Houston, Texas, region. Whitestone intends to reposition existing properties and capitalize on market demand resulting in increased rental rates from new tenants and adding value for existing tenants. At a $60 per square foot cost basis (undepreciated), and a strong local economy our Houston portfolio is well-positioned for significant redevelopment opportunities. The Company’s value-add business model and its rebranding strategies primarily target tenants which provide needed services to the surrounding communities. We believe these efforts will result in strengthened overall property revenues, increasing net operating income, return on investment, and funds from operations per share. The Houston properties being repositioned, redeveloped, and rebranded are: