Whitestone REIT (NYSE:WSR) Files An 8-K Completion of Acquisition or Disposition of Assets
Item 2.01. Completion of Acquisition or Disposition of Assets.
Whitestone REIT Operating Partnership, L.P. (the Operating
Partnership), completed the acquisition of a retail center
located at BLVD Place in Houston, Texas, a property that meets
the Companys Community Centered Property strategy (BLVD Place),
for a purchase price of approximately $158.0 million in cash and
net prorations, to an Agreement of Purchase and Sale, dated as of
March 21, 2017, with Phase II Boulevard Place, LP. The Company
funded the purchase price of BLVD Place through a combination of
cash on hand and $80.0 million of asset level mortgage financing
(the BLVD Financing). BLVD Place contains 216,944 square feet of
leasable space and is approximately 99.2% leased. In addition,
included in the purchase of BLVD Place is approximately 1.43
acres of developable land that will give the Company the ability
to build an estimated 136,930 square feet of additional leasable
space, based on current plans.
dated as of May 26, 2017, issued by Whitestone Houston BLVD Place
LLC to American General Life Insurance Company (the BLVD
Promissory Note) and Deed of Trust, Security Agreement, Fixture
Filing, Financing Statement and Assignment of Leases and Rents,
dated as of May 26, 2017, issued by Whitestone Houston BLVD Place
LLC for the use and benefit of American General Life Insurance
Company (the BLVD Deed of Trust and, together with the BLVD
Promissory Note, the BLVD Loan Documents). The BLVD Financing
matures on July 1, 2027 and accrues interest at a fixed interest
rate of 3.72% per annum. The BLVD Loan Documents require interest
only payments with all principal repayable upon maturity. The
BLVD Financing is a non-recourse loan secured by the real
property located at BLVD Place, including the related equipment,
fixtures, personal property and other assets, with a limited
carve-out guarantee by the Operating Partnership.
the acquisition of BLVD Place, which is furnished herewith as
Exhibit 99.1. The information contained in Exhibit 99.1 shall not
be deemed filed with the Securities and Exchange Commission nor
incorporated by reference into any registration statement filed
or to be filed by the Company under the Securities Act of 1933,
as amended.
of BLVD Place will be filed by amendment to this Current Report
on Form 8-K no later than 71 days following the date on which
this Current Report on Form 8-K is required to be filed.
acquisition of BLVD Place will be filed by amendment to this
Current Report on Form 8-K no later than 71 days following the
date on which this Current Report on Form 8-K is required to be
filed.
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Exhibit No.
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Description
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99.1
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Press Release of Whitestone REIT, dated May 30, 2017.
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About Whitestone REIT (NYSE:WSR)
Whitestone REIT is a real estate investment trust. The Company owns, manages and redevelops retail properties, which are referred to as Community Centered Properties. As of June 30, 2016, the Company owned and operated 69 commercial properties consisting of 47 retail properties containing approximately 4.1 million square feet of gross leasable area; four office properties containing approximately 0.5 million square feet of gross leasable area, and 10 office/flex properties containing approximately 1.1 million square feet of gross leasable area. As of June 30, 2016, its redevelopment portfolio included two retail properties containing approximately 0.1 million square feet of gross leasable area and six parcels of land held for future development. The Company’s properties include Gilbert Tuscany Village property, Quinlan Crossing, Davenport Village and City View Village. Its properties are principally located in Austin, Dallas-Fort Worth, Houston, San Antonio and Phoenix. Whitestone REIT (NYSE:WSR) Recent Trading Information
Whitestone REIT (NYSE:WSR) closed its last trading session down -0.33 at 11.55 with 521,844 shares trading hands.
