Whitestone REIT closed on its purchase of the BLVD Place urban mixed-use center in the Galleria/Uptown area of Houston for roughly $158.0 million in cash and net prorations.
The company used cash on hand and $80.0 million of asset-level mortgage financing to fund the transaction.
The property spans 216,944 square feet of leasable space and is 99.2% occupied. Anchor tenants at the site include Whole Foods Market, Frost Bank and Verizon.
The transaction included about 1.4 acres of land where Whitestone may develop about 137,000 square feet of additional leasable space.
Whitestone plans to construct on the developable land a mixed-use scheme with 46,000 square feet of retail space on the first and second floors, as well as 91,000 square feet of office space on the top four floors.