Whitestone announces noncore asset sales of $39m

Whitestone REIT has continued to execute its strategic plan with the closing on the sale of three Houston noncore properties owned in a joint venture for a total sale price of $39.7 million.

Whitestone expects to receive an $11 million cash distribution from its stake in the joint venture as a result of the sale, and will recycle the capital to invest in existing assets, including developments and redevelopments.

The sale of these noncore properties is consistent with Whitestone’s publicly stated long-term goals to strategically focus on retail “e-commerce resistant” tenants, reduce leverage, and scale to reduce general and administrative expenses