Austin: Whitestone Buys Retail Center

Quinlan Crossing center in Austin was purchased by Whitestone REIT.

In Houston, Whitestone REIT, a Houston-based firm that has been on an Austin purchase streak, purchased the Quinlan Crossing retail center in Austin for $37.5 million.

Since May, Whitestone REIT has purchased four retail centers in Austin.

The 110,000-square-foot Quilan Crossing center, which is 95 percent leased, is located at the main entrance of the

Steiner Ranch large-scale planned community, between Lake Austin and Lake Travis.

Whitestone focuses on community retail centers, has a portfolio of 68 commercial properties in Texas, Arizona and Illinois.

“This purchase increases Whitestone’s Austin footprint to 356,000 sq ft of leasable space in one the fastest growing and most vibrant cities in America, producing net operating income of over $8.4 million per year,” said Whitestone CEO James Mastandrea. ”Including our three San Antonio properties, which we manage out of our newly opened Division office in Austin, we now have a total of 644,000 sq ft in the two cities and are one step closer to meeting our objective of becoming a leading owner and operator in each of these markets.”