Business
Whitestone REIT Acquires San Clemente Neighborhood Retail Center in Austin
HOUSTON, May 08, 2025 (GLOBE NEWSWIRE) -- Whitestone REIT (NYSE:WSR) (“Whitestone” or the “Company”), a neighborhood-focused owner and operator of open-air shopping centers in Texas and Arizona, today announced the acquisition of the 31,832-sqaure-foot, restaurant-anchored San Clemente at Davenport (“San Clemente”) in Austin, Texas, which is just minutes from the Apple and Tesla campuses and situated amidst the bustling hub of the area’s several technology companies. The San Clemente acquisition
About this update from Whitestone Reit
[{"type":"image","alt":"Whitestone REIT","displaySize":"","headline":null,"caption":"Whitestone REIT","className":"","disableSlideshowImg":false,"size":{"original":{"width":300,"height":129,"url":"https://media.zenfs.com/en/globenewswire.com/8fb1650f5068239d58a90c4bbc8f4f66"},"resized":{"url":"https://s.yimg.com/ny/api/res/1.2/lM2m4XS0uq3s7Sc2u1YLkA--/YXBwaWQ9aGlnaGxhbmRlcjt3PTQyMDtoPTE4MTtjZj13ZWJw/https://media.zenfs.com/en/globenewswire.com/8fb1650f5068239d58a90c4bbc8f4f66","width":300,"height":129}},"lazy":false},{"type":"text","content":"HOUSTON, May 08, 2025 (GLOBE NEWSWIRE) -- Whitestone REIT (NYSE:WSR) (“Whitestone” or the “Company”), a neighborhood-focused owner and operator of open-air shopping centers in Texas and Arizona, today announced the acquisition of the 31,832-sqaure-foot, restaurant-anchored San Clemente at Davenport (“San Clemente”) in Austin, Texas, which is just minutes from the Apple and Tesla campuses and situated amidst the bustling hub of the area’s several technology companies. The San Clemente acquisition complements Whitestone’s existing Davenport Village retail center at the same intersection along Loop 360, one of Austin’s most traveled corridors, and marks the fifth neighborhood shopping center in Whitestone’s portfolio that is located in Texas’s capital city.","length":764,"tagName":"p"},{"type":"text","content":"Whitestone plans to leverage its institutional knowledge of and strong position in the market to strengthen the performance of the asset and unlock its significant upside potential. Whitestone expects to capitalize on the center’s very strong dynamics and its own retailer relationships to position the property for long-term growth and relevance within the upscale neighborhoods it serves: Davenport Ranch, Westlake, Rob Roy and Barton Creek.","length":443,"tagName":"p"},{"type":"text","content":"San Clemente possess many of the attributes that are core to Whitestone’s investment philosophy, including:","length":107,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"San Clemente is located in Austin’s most affluent submarket with an average 1-mile radius home value of nearly $1.5 MM and an average household income in excess of $280,000; ","length":173,"tagName":"p"}]},{"val":[{"type":"text","content":"Strict development restrictions and the center’s proximity to protected lands have prohibited ...