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HOUSTON - Whitestone REIT (NYSE:WSR) announced Monday the acquisition of Ashford Village, an 81,407 square-foot grocery-anchored shopping center in Houston. The property marks the company's 10th neighborhood shopping center in the city. The $647.85 million market cap REIT has shown consistent growth with revenue reaching $157.79 million over the last twelve months, representing a 5.59% increase year-over-year.
Located between Interstate 10 and the Westpark Tollway, Ashford Village is anchored by Seiwa Market, described as the largest Japanese grocery store in Houston. The center serves the area's Asian community and is situated at the intersection of South Dairy Ashford Road and Whittington Drive, with approximately 32,500 vehicles passing daily.
"Given our large footprint in Houston and our familiarity with the market, we have been actively looking to acquire assets like Ashford Village that align with our investment criteria," said Christine Mastandrea, President and COO of Whitestone REIT, in a press release statement.
The shopping center is positioned less than five minutes from the Ashford Yard mixed-use development currently under construction on the former Schlumberger campus. Additional tenants include Thanjai Mess, Ramen Bar Ichi, Japan House, Dollar Tree, Giggles and Fun, and Salon Village.
According to the company, the average household income within a three-mile radius of Ashford Village is $113,979 across an estimated 72,860 households. The area houses headquarters or major offices for more than 1,500 companies, including eight Fortune 500 companies in Houston's Energy Corridor.
This acquisition represents Whitestone's third in Houston since 2022, following Lake Woodlands in late 2022 and Garden Oaks in early 2024.
Whitestone REIT owns and operates open-air shopping centers in Texas and Arizona markets, including Phoenix, Austin, Dallas-Fort Worth, Houston, and San Antonio.
In other recent news, Whitestone REIT reported its Q3 2025 earnings, which surpassed expectations. The company achieved earnings per share (EPS) of $0.35, significantly higher than the forecasted $0.10. Additionally, Whitestone REIT's revenue reached $41 million, exceeding the anticipated $39.13 million. These results indicate a stronger-than-expected performance for the quarter. Despite the positive earnings report, the stock experienced a minor decline in pre-market trading. This performance highlights the company's ability to exceed market expectations. Investors may find the earnings and revenue figures particularly noteworthy as they assess Whitestone REIT's recent financial health.
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