HOUSTON, Sept. 27, 2007 (PRIME NEWSWIRE) -- Whitestone REIT, which owns and manages 36 commercial properties in Texas, announced today that it will begin the redevelopment and construction in November to add 5,000 square feet of space and upgrade the Westchase Plaza Retail and Office Center located at the northwest corner of 3700 S. Gessner Road at Westpark.
The complex, which currently has 42,000 square feet of space, will be completely re-faced with natural stone and stucco to appeal to the young active shoppers in the vicinity. The new space is designed to accommodate executive offices, such as legal, medical, dental and insurance businesses, as well as food service operations.
Chairman and Chief Executive Officer James C. Mastandrea said, "With the extremely high volume of cars passing through the intersection at Westchase Plaza each day, service businesses will find it a convenient site for serving the vibrant surrounding population."
"Because Westchase Plaza has a large number of homes in the immediate area and strong demographics," he added, "it is an ideal 'value added' property to improve our returns."
Mastandrea also announced that Westchase Plaza is the first of 11 properties that Whitestone REIT owns in Houston that will be redeveloped in the next 15 months to improve their asset values and return.
About Whitestone REIT
Whitestone REIT owns and operates retail, office and office warehouse properties, 33 of which are in the Houston area, two office buildings in Dallas, and a retail plaza in San Antonio. For more information go to http://www.whitestonereit.com
Forward-Looking Statement:
This report includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934. The information in this news release includes certain forward-looking statements that are based upon assumptions that in the future may prove not to have been accurate and are subject to significant risks and uncertainties, including statements as to the future performance of the company. Although the company believes that the expectations reflected in its forward-looking statements are reasonable, it can give no assurance that such expectations or any of its forward-looking statements will prove to be correct. Factors that could cause results to differ include, but are not limited to, successful performance of internal plans, product development acceptance, and the impact of competitive services and pricing and general economic risks and uncertainties.