Hartman Management LP

|

"These properties are worn out and tired. They're open-aircenters that deteriorated because of time and need freshening up,"says Dick Vaughan, Whitestone's VP of marketing and investorrelations. He says that the assets, which are scattered throughoutHouston, are in well-located, high-traffic areas with decentdemographics.

|

The first asset to be upgraded will be the 42,924-sf WestchasePlaza, situated on 4.7 acres at 3700 S. Gessner Rd. Vaughan tellsGlobeSt.com that approximately $1 million will go into the center,which will include exterior renovation and construction of anadditional 5,000 sf of office space.

|

Three other assets will also begin undergoing renovation in late2007. They are the 49,359-sf Sunridge Plaza at 9810 Indiana Ave.,the 119,621-sf Lion's Square at 10780 Bellaire Blvd. and the79,730-sf Belnott Square at 13200 Bellaire Blvd. Vaughan saysrenovations on the remaining properties will begin in 2008.Innovative Engineering Design of Houston is handling the designaspects of the renovation.

|

Vaughan tells GlobeSt.com that the 11-property portfolio'soccupancy is 78%, with the goal being an increase to 90% occupancyonce renovations are complete. "The plan is to hang on to these forthe time being after the renovation," Vaughan adds. "We see theseas increasing both in intrinsic value and cash flow, and shouldattract stable, long-term tenants." Whitestone is looking atpotential value-add acquisitions outside Texas as well, hesays.

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.