Whitestone REIT acquires grocer-anchored shopping center in Houston

[Hand picked wooden block written with REIT stands for Real Estate Investment Trust]
Abu Hanifah

Whitestone REIT (WSR [https://seekingalpha.com/symbol/WSR]) acquired an [https://seekingalpha.com/pr/20289327-whitestone-reit-acquires-grocer-anchored-ashford-village-in-houston]81,407-square-foot grocery-anchored shopping center, Ashford Village, in Houston, making it the REIT's 10th shopping center in the market, the company said on Monday.

Ashford Village is anchored by Seiwa Market, the largest Japanese grocery in the city, which serves the area's large Asian community.

"Like Lion Square in the International Management District, this asset serves Houston’s thriving Asian community, and we feel our familiarity with the culture and expertise in tailoring diversified tenant lineups will allow us to realize Ashford Village’s true potential," said President and COO Christine Mastandrea.

Financial terms of the acquisition weren't disclosed. It's Whitestone's (WSR [https://seekingalpha.com/symbol/WSR]) third acquisition in Houston since 2022.

The average household income within a three-mile radius of the shopping center is $113,979 across an estimated 72,860 households, the company said. In addition, the area houses the headquarters or major offices for more than 1,500 companies.

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