Whitestone REIT Unloads Two Adjacent Houston Strip Centers
Bridgewell Property Management has acquired two adjacent retail centers totaling more than 93,700 square feet in Houston. JLL represented the seller, Whitestone REIT.
The deal involved the 49,359-square-foot Sunridge Shopping Center, along with the 44,398-square-foot Westchase Plaza.
The pair of shopping centers have an occupancy rate of roughly 80 percent. The tenant roster includes La Tapatia, Little Caesars, Subway, the United States Postal Service, as well as various local retail and medical businesses. On average, tenants have remained at the center for nearly 12 years.
Bridgewell and its affiliates owns of more than 30 properties in the Houston metro amounting to a total of 2 million square feet , comprising retail, industrial, storage and mixed-use space. Whitestone REIT is a community-centered real estate investment trust (REIT) that acquires, owns, operates, and develops open-air, retail centers located in some of the fastest growing markets in the country: Phoenix, Austin, Dallas-Fort Worth, Houston and San Antonio.
Mike covers our Texas and Phoenix/Southwest regions. He is a veteran news reporter who spent 10 years in radio and television news, mostly in Tucson, Arizona. Following his career in the media, he spent ten years as a communications executive for a publicly traded development company. Mike is married with three boys and three Huskies.