HOUSTON, Jan. 20, 2009 (GLOBE NEWSWIRE) -- Whitestone REIT, a public, non-traded community business center real estate investment trust, today announced that Daniel G. DeVos has been appointed to its Board of Trustees, effective February 1st.
Mr. DeVos is currently President and Chief Executive Officer of DP Fox Ventures, LLC, a diversified management company with interests in real estate, transportation, sports and entertainment. Previously, he was an executive with Amway Corporation, which was co-founded by his father, Richard DeVos. During his tenure at Amway, he held several positions including Vice President -- Pacific and Vice President of Corporate Affairs. He serves on the Board of Directors of Alticor, Inc., the parent company of Amway Corp., and is a member of its Audit Committee. He also has served on public real estate company boards since 1994, including First Union and Paragon Real Estate Equity and Investment Trust.
DP Fox owns and operates various real estate projects in Michigan and in the Bahamas. In Michigan, DP Fox also owns and operates Fox Motors, a retail automotive group representing 25 brands in 14 locations.
In the sports arena, Mr. DeVos is a director and partner in the Orlando Magic of the National Basketball Association. He is also President and CEO of the Grand Rapids Rampage of the Arena Football League, and the Grand Rapids Griffins of the American Hockey League.
Jim Mastandrea, Chairman and CEO of Whitestone REIT, said, "We are pleased that Mr. DeVos has agreed to join Whitestone's Board. Dan's business insight and investing perspective gained from over 15 years in the REIT industry will contribute to Whitestone's focus on building value for our shareholders."
About Whitestone REIT
Whitestone REIT specializes in enhancing shareholder value by Creating Business Communities in its Properties -- it owns, manages and operates suburban and urban infill commercial properties providing employment centers and retail communities in Houston, Dallas, San Antonio, Texas and Scottsdale, Arizona. The Company has approximately three million square feet of lease space in 35 properties as of December 31, 2008. Whitestone has approximately 650 tenants offering basic goods and services with lease spaces ranging in size from 500 to 55,000 square feet. Headquartered in Houston, Texas, Whitestone employs 47 people nationally. For additional information about the Company, go to http://www.whitestonereit.com.
Forward-Looking Statements
Statements included herein that state the Company's or management's intentions, hopes, beliefs, expectations or predictions of the future are "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995, which by their nature, involve known and unknown risks and uncertainties. The Company's actual results, performance or achievements could differ materially from those expressed or implied by these statements. Reference is made to the Company's regulatory filings with the Securities and Exchange Commission for information or factors that may impact the Company's performance.