Whitestone REIT Acquires 89,746 SF Retail Center in Northwest Austin

AUSTIN, TEXAS — Whitestone REIT has acquired the inline retail space at Anderson Arbor, located in northwest Austin, in a deal that adds 89,746 square feet to the Houston-based investment firm’s holdings. The property was built in three phases beginning in 2003 and is part of a larger, 268,000-square-foot retail development. The inline space was roughly 91 percent leased at the time of sale to tenants such as Bank of America, Kerbey Lane Café, Austin Emergency Center, SalonRepublic, Great Clips, GNC, The Melting Pot and Double Dave’s Pizzaworks. Additional tenants in the portion of the center not owned by Whitestone include Gold’s Gym, Walgreens and Main Event Entertainment. Whitestone also has the option to purchase an additional undeveloped parcel and an existing multi-tenant pad site at Anderson Arbor. If exercised, these options would boost Whitestone’s owned square footage within the development to approximately 100,000 square feet. David Disney and Adam Crockett of Dallas-based Disney Investment Group represented the undisclosed seller in the transaction and procured Whitestone REIT as the buyer.