{"id":1004173436,"date":"2017-04-24T06:25:25","date_gmt":"2017-04-24T14:25:25","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004173436"},"modified":"2022-12-08T06:41:49","modified_gmt":"2022-12-08T14:41:49","slug":"whitestone-to-expand-its-texas-portfolio","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/whitestone-to-expand-its-texas-portfolio\/","title":{"rendered":"Whitestone to Expand its Texas Portfolio"},"content":{"rendered":"<p>By Razvan Cimpean<\/p>\n<div id=\"attachment_1004173489\" style=\"width: 310px\" class=\"wp-caption alignright\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004173489\" data-attachment-id=\"1004173489\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/whitestone-to-expand-its-texas-portfolio\/blvd-place\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/04\/BLVD-Place-e1492683838605.jpg\" data-orig-size=\"1124,845\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"BLVD Place\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;BLVD Place&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/04\/BLVD-Place-e1492683838605.jpg?w=1024\" class=\"wp-image-1004173489 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/04\/BLVD-Place-e1492683838605.jpg\" alt=\"BLVD Place\" width=\"300\" height=\"226\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/04\/BLVD-Place-e1492683838605.jpg 1124w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/04\/BLVD-Place-e1492683838605.jpg?resize=300,226 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/04\/BLVD-Place-e1492683838605.jpg?resize=768,577 768w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/04\/BLVD-Place-e1492683838605.jpg?resize=1024,770 1024w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><p id=\"caption-attachment-1004173489\" class=\"wp-caption-text\">BLVD Place<\/p><\/div>\n<p>Whitestone REIT has recently entered into agreements to purchase two properties\u00a0in Texas\u00a0for $204.6 million. Acquisitions\u00a0of 221,557-square-foot Eldorado Plaza in McKinney and 216,944-square-foot BLVD Place in Uptown Houston are expected to close in May.<\/p>\n<p>Located on the north end of Dallas&#8217; Platinum Corridor district, Eldorado Plaza offers 1.86 acres of developable land, where the new owner\u00a0can build an estimated 24,000 square feet of additional space. Tenants at the Class A lifestyle center include Starbucks, Belk, Clothes Mentor and Trader Joe&#8217;s. As of April 15, occupancy at Eldorado was 97 percent. Whitesone expects to fund a part of the purchase\u00a0of its seventh property in the Dallas region with borrowings under its unsecured revolving credit facility.<\/p>\n<p>Located at 1800 Post Oak Blvd., BLVD Place includes approximately 1.4 acres of land where Whitestone can build\u00a0up to 137,000 square feet of additional space. Here, the company plans to develop a six-story mixed-use property, which is expected to feature 46,000 square feet of retail space on the first two floors and 91,000 square feet of office space on the next four floors. Whitestone estimates to spend $45 million for this second phase of construction at BLVD Place.<\/p>\n<p>The Class A lifestyle center\u00a0was 99 percent leased as of April 16 and offers 2.800 parking spots. Tenants include Whole Foods, Frost Bank, Verizon and Elaine Turner. The company\u00a0plans to use $80 million of asset level mortgage financing to finance a part of the purchase of its 28th property in the Houston area.<\/p>\n<p><em>Image courtesy of BLVD Place<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The company started acquisition procedures for two retail centers in McKinney and Houston, as it plans to expand both properties.<\/p>\n","protected":false},"author":753,"featured_media":1004173489,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1586,1589,21752,21742,21749],"tags":[35091],"class_list":["post-1004173436","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-dallas","category-houston","category-mixed-use","category-latest","category-retail","tag-whitestone-reit"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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