Whitestone REIT has recently acquired the Garden Oaks retail center in Houston, spanning 106,858 square feet and anchored by a popular grocery store. The center boasts a high occupancy rate of 96% and is located on Shepherd Drive in the heart of Garden Oaks.
According to Christine Mastandrea from Whitestone REIT, property values in Garden Oaks have increased by almost 50% since 2019. This growth is expected to continue as young professionals are drawn to the area for its larger plots and charming tree-lined streets beyond the Heights neighborhood.
The seller was represented by JLL, with Silver Star Properties REIT Inc.’s subsidiary overseeing the transaction. David Wheeler from Silver Star stated that this sale marks a significant move for their firm as they shift focus towards self-storage properties and position their Hartman SPE LLC subsidiary for bankruptcy exit.
