HOUSTON-Less than a year after its acrimonious split from Hartman Management LP, Whitestone REIT will close on its first acquisition by year’s end. Despite ongoing legal disputes related to the split, Whitestone is gearing up to buy new assets and renovate properties already under its control.

Whitestone’s chairman and CEO Jim Mastandrea says the REIT plans to close additional deals in early 2008 in business-friendly states. “We’re looking at office, retail and warehouse, and our initial assets will be individual assets, to start with,” he says, adding there are “one or two” assets under contract and another one or two properties lined up for development. “That’ll start seeding our work for 2008,” he says.

Also on the drawing board is redevelopment and overhauls of properties that the REIT inherited late last year when it split from Hartman Management. Mastandrea tells GlobeSt.com that the REIT has spent several months identifying issues with certain assets and determining how to correct the problems. He says the cap-ex budget will be significant. “We’ve identified about 11 properties to upgrade and plan to invest money in them,” he says, adding that more specific information will come out in the fall. He didn’t specify if the plan will target its class B headquarters building, Woodlake at 2600 S. Gessner Rd. in Westchase.

To move REIT’s plan forward, several staff members have received promotions. CFO David K. Holeman also assumes a vice president’s title. Other changes are Valarie King, who becomes senior vice president of property management; Samuel Demissie, vice president of acquisitions and asset management; Richard A. Vaughan, vice president of marketing and investor relations; Theodore R. Zeck, vice president of information systems; Priscilla Gonzalez, administration officer and office manager; J.R. O’Brien, senior counsel; and Roger Nasiff, vice president of construction.

Mastandrea says the promotions were awarded for several reasons, but specifically to recognize their individual achievements. “The people have been in these positions, serving in them, and in a public company this size, they need to carry leadership titles,” he says.

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

Once you are an ALM digital member, you’ll receive:

  • 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

*May exclude premium content
Already have an account?


© 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.

GlobeSt Net Lease Spring 2024Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information

GlobeSt Net Lease Spring 2024Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.