Whitestone REIT (WSR: Quote) announced Monday that it has closed on the off-market purchase of Headquarters Village, a 89,134 square foot Community Center located within the Preston Road retail corridor in Plano, Texas, for $25.7 million in an all-cash transaction. The purchase of the 9.6 acre Center, which is 97% leased, includes an adjacent parking expansion area and has in-place cash flow of approximately $2 million, or 8% of the purchase price. The purchase was funded through an unsecured revolving credit facility, which has a borrowing cost of approximately 2.5%.
Whitestone now owns approximately 4.4 million sf of Community Centered Properties strategically located in high traffic neighborhoods in five major markets: Houston, Dallas, San Antonio, Chicago, and Phoenix, with several future development land parcels in Houston, Dallas, and Phoenix.
by RTT Staff Writer
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