HOUSTON--Whitestone has made its first majoracquisitions in the Houston market. The REIT has purchasedWilliams Trace Plaza and the Shopsat Williams Trace in Sugar Land for atotal transaction price of $40.7 million.
“We are pleased to add Williams Trace Plaza and The Shopsat Williams Trace as our first major investments in the Houstonarea," James C. Mastandrea, Whitestone's chairman and chief executiveofficer, told GlobeSt.com.
Williams Trace Plaza, bought for $20.1 million, totals 129,222square feet of leasable space on approximately 15 acres. Theoccupancy rate of the center is currently 95 percent. The Shops atWilliams Trace, bought for $20.6 million, totals 132,991 squarefeet of leasable area on approximately 12 acres. Occupancy at thecenter is currently 87 percent.
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