[Urbannizer]

Houston's Blvd Place mixed-use development sold to local REIT, another building planned

Houston-based Whitestone REIT (NYSE: WSR) announced April 19 it plans to buy Blvd Place, a mixed-use development in Houston’s Galleria area, and build an additional phase.

The real estate investment trust also announced it would buy Eldorado Plaza in the Dallas area in a separate transaction. Combined, Whitestone is spending $204.6 million on the two deals, which are expected to close in May.

Blvd Place is a Class A lifestyle center with 216,944 square feet of leasable space. Whitestone also acquired approximately 1.43 acres of developable land, where the REIT will build another phase of the development.

Blvd Phase II-B will be a six-story, 137,000-square-foot building, including 46,000 square feet of retail space on the first two floors and 91,000 square feet of office space on the top four floors. Whitestone expects the project to cost $45 million, but information about the construction timeline was not included in the announcement.