Real Estate Services
EStrategy Strategic partner Whitestone REIT at a Glance
Whitestone REIT owns and manages 37 office, retail and warehouse properties in the Southwest. Whitestone is a self-administered and self-managed real estate investment trust(REIT) operating as a fully integrated real estate company which acquires, develops or redevelops, leases and manages office, retail and warehouse properties.
Investment Strategy
Acquisition
-
Invest in a core portfolio of properties that provide above-average returns
- Acquire under-managed assets where initial returns can be enhanced by our leasing and redevelopment platforms
Development
-
Develop new properties to yields that meaningfully exceed those available in the acquisition market
Redevelopment
- Redevelop commercial or industrial projects on previously used properties
- Reclaim properties for clients needing central city locations or developing underutilized or vacant properties
Company Highlights
Assets under management - $225M portfolio
Redevelopment pipeline - $23.5M
Line of
credit - $75M
Acquisition pipeline - $200M
Core portfolio lease rate
stabilized and increased from 80% to 87% under new management; target rate for
2008 90%+
Recently awarded two GSA leases for the Houston metro market
Whitestone's core management team, led by Jim
Mastandrea
, was formed in 1993, beginning with his tenure at First Union REIT,
and successfully redeveloped and repositioned a $250M portfolio of office,
retail and parking, growing it to $1B in 4.5 years.In addition, Jim is a founder
of Midwest Development Corporation (?MDC?) inChicago, Illinois.MDC developed
over 600 acres of land in the Chicago suburbs and Wisconsin. MDC is a fully
integrated real estate development company having built, leased and managed 16
development projects incorporating for-sale residential, multifamily rental and,
with joint venture partnerWISPARK, LLC (Wisconsin Energy WEC), developed
mixed-use commercial/retail, water front projects.