April 21, 2017
Whitestone REIT, headquartered in Houston, has entered into separate purchase agreements to acquire the 221,557-square-foot Eldorado Plaza in McKinney, TX; and the 216,9440-square-foot BLVD Place in Houston. The total price for both acquisitions will be $204.6 million, and closing is expected to take place in May 2017.
Eldorado Plaza, at U.S. 75 an Eldorado Parkway in the far north Dallas suburb of McKinney is 97% occupied with tenants. Seller Corinth Properties is also providing an option for Whitestone to acquire an additional 1.9 acres of developable land that can hold an estimated 24,000 square feet.
Developer Wulfe & Co. Inc. is selling BLVD Place, on Post Oak Road. The asset is 99% occupied, and included in the sale is approximately 1.43 acres of developable land on which Whitestone plans to build an estimated 137,000 square feet of additional retail space. The buyer plans to fund a portion of the BLVD Place purchase price with $80 million of asset-level mortgage financing.
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