{"id":1004122796,"date":"2015-07-08T09:32:37","date_gmt":"2015-07-08T17:32:37","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=354649"},"modified":"2022-12-08T17:03:23","modified_gmt":"2022-12-09T01:03:23","slug":"reit-expands-footprint-with-parkside-buy-2","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/reit-expands-footprint-with-parkside-buy-2\/","title":{"rendered":"REIT Expands Footprint with Parkside Buy"},"content":{"rendered":"<p style=\"text-align: justify\"><em>By Anca Gagiuc, Associate Editor<\/em><\/p>\n<div id=\"attachment_354650\" class=\"wp-caption alignright\" style=\"width: 310px\"><a href=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2015\/07\/Parkside-Village_b.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-354650\" title=\"Parkside Village_b\" src=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2015\/07\/Parkside-Village_b.jpg\" alt=\"The Parkside Village\" width=\"300\" height=\"200\" \/><\/a><\/p>\n<p class=\"wp-caption-text\">Parkside Village<\/p>\n<\/div>\n<p style=\"text-align: justify\">Just two months after making its Austin debut, <a href=\"https:\/\/whitestonereit.com\/\">Whitestone REIT<\/a>\u00a0 has expanded its Central Texas portfolio by acquiring a pair of community centers.<\/p>\n<p style=\"text-align: justify\">Parkside Village North and Parkside Village South, built by <a href=\"https:\/\/www.stratusproperties.com\/default.aspx\">Stratus Properties<\/a>, were acquired for $45 million in cash. Together, the properties encompass 117,146 rentable square feet, including 27,045 square feet in Parkside Village North and 90,101 square feet in Parkside Village South. The properties generate approximately $2.9 million in annual\u00a0in-place net operating income.<\/p>\n<div id=\"attachment_354652\" class=\"wp-caption alignleft\" style=\"width: 310px\"><a href=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2015\/07\/Parkside-Village.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-354652\" title=\"Parkside Village\" src=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2015\/07\/Parkside-Village.jpg\" alt=\"The Parkside Village\" width=\"300\" height=\"105\" \/><\/a><\/p>\n<p class=\"wp-caption-text\">Parkside Village<\/p>\n<\/div>\n<p style=\"text-align: justify\">At the time of the sale, both properties were 100 percent leased to a total of 30 tenants including the 34,000-square foot Alamo Drafthouse Cinema, The Austin Diagnostic Clinic, ZPizza, BurgerFi, and Chase Bank. Parkside Village is located in one of Austin\u2019s most sought-after areas, near major employers and the city\u2019s \u201cSilicon Hills\u201d high-tech corridor. The centers are positioned on either side of the main entrance of the master-planned Circle C Ranch community, at the intersection of Mopac Expressway and Slaughter Lane.<\/p>\n<p style=\"text-align: justify\">Whitestone&#8217;s recent retail deal came two months after it entered the Houston-based REIT entered the market with the purchase of the 128,934-square-foot\u00a0Davenport Village.\u00a0Including the latest acquisition, Whitestone\u2019s portfolio totals 67 properties and about 1,420 tenants in Houston, Dallas, San Antonio, and Phoenix. &#8220;We now have a total of approximately 246,000 square feet of leasable space in one the fastest-growing and most vibrant cities in Texas and America, producing net operating income of approximately $6.0 million per year,\u201d said Whitestone Chairman &amp; CEO James Mastandrea in a statement.<\/p>\n<p style=\"text-align: justify\">&#8220;With this acquisition closed, we have now invested $135 million in the Austin and San Antonio markets combined. Looking ahead, we expect to continue making acquisitions in both of these dynamic cities as our business gains traction, providing Whitestone with a leading position in each market,&#8221; he added.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Just two months after Houston-based Whitestone REIT entered Austin&rsquo;s prosperous market by purchasing the 128,934-square-foot Davenport Village, the company announced expanding its Central Texas portfolio with two more service-oriented centers.<\/p>\n","protected":false},"author":237,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1578,21742],"tags":[],"class_list":["post-1004122796","post","type-post","status-publish","format-standard","hentry","category-austin","category-latest"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - 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