AUSTIN—Whitestone REIT has acquired its fourth community-centered property: Quinlan Crossing.

Located between Lake Travis and Lake Austin at the entrance of the growing Steiner Ranch master-planned development, the asset was purchased for $37.5 million.

“The acquisition of Quinlan Crossing continues our expansion in one of the fastest growing and most dynamic cities in the country,” Jim Mastandrea, chairman and CEO of Whitestone, told GlobeSt.com. “Quinlan Crossing is the trade area's dominant shopping destination and meets our community-centered, service-oriented criteria.”

Quinlan Crossing is anchored by a Randalls grocery store and includes Coffee Bean & Tea Leaf, Massage Envy Spa, Menchie's Yogurt and Zacks American Bistro.

The company initially entered Austin in late May with the purchase of Davenport Village and has since expanded its holdings in the city to a total of 356,000 square feet.

“We continue to increase our portfolio of community centered properties in rapidly-growing, economically-strong southern cities in Texas and Arizona, and now have a total of 69 properties containing approximately 6 million square feet of leasable space with close to 1,450 tenants,” Mastandrea says.

The acquisition of Quinlan Crossing was funded from Whitestone's $500 million credit facility.