Whitestone Sells 2 Strip Centers in Houston

Westchase Plaza. Image courtesy of JLL

An entity linked to Bridgewell Property Management has acquired two adjacent retail centers totaling more than 93,700 square feet in Houston. JLL represented the seller, Whitestone REIT.

The deal involved the 49,359-square-foot Sunridge Shopping Center, along with the 44,398-square-foot Westchase Plaza. Keen Realty will manage both properties, while Hunington Properties Inc. will handle leasing.

The pair of shopping centers have an occupancy rate of roughly 80 percent. The tenant roster includes La Tapatia, Little Caesars, Subway, the United States Postal Service, as well as various local retail and medical businesses. On average, tenants have remained at the center for nearly 12 years.

Located at 3800 & 3700 S. Gessner Road, the strip centers sit in the Westchase trade area and have a visibility to roughly 80,000 vehicles per day. Retail centers along the Gessner corridor, spanning from Westpark Road to Bellaire Boulevard, boast high occupancy rates, with retailers tending to stay for the long term, JLL Senior Director John Indelli, said in prepared remarks.

Indelli, together with Senior Managing Director Ryan West, as well as Analysts Clay Anderson and Ryan Olive, led the JLL Retail Capital Markets Investment Advisory team representing Whitestone.

Bridgewell and its affiliates owns of more than 30 properties in the Houston metro amounting to a total of 2 million square feet , comprising retail, industrial, storage and mixed-use space.