Whitestone REIT (NYSE: WSR), a neighborhood-focused owner and operator of open-air shopping centers in Texas and Arizona, announced the acquisition of the 81,407 square-foot, grocery-anchored Ashford Village. Situated between Interstate 10 and the Westpark Tollway at the intersection of South Dairy Ashford Road and Whittington Drive (approximately 32,500 vehicles per day), the center is home to Seiwa Market, the largest Japanese grocery in the city, which serves the area’s large Asian community. The strategic acquisition of Ashford Village, which marks Whitestone’s 10th neighborhood shopping center in Houston, allows Whitestone to capitalize on the strong fundamentals of the area. The area houses the headquarters or major offices for more than 1,500 companies spanning multiple industries: energy, engineering, technology and retail.
“Given our large footprint in Houston and our familiarity with the market, we have been actively looking to acquire assets like Ashford Village that align with our investment criteria and would benefit from our proven value-enhancing operational platform,” said Christine Mastandrea, President and COO of Whitestone REIT in a statement. “Like Lion Square in the International Management District, this asset serves Houston’s thriving Asian community, and we feel our familiarity with the culture and expertise in tailoring diversified tenant lineups will allow us to realize Ashford Village’s true potential.”
Ashford Village’s convenient location – less than a 5-minute drive from the transformational Ashford Yard mixed-use development currently under development on the former Schlumberger campus – and strong restaurant and retail lineup provide the high number of office workers in the immediate area with a centralized, dynamic one-stop shopping destination that fulfills many of their demands. In addition to Seiwa Market, other tenants at Ashford Village include Thanjai Mess, Ramen Bar Ichi, Japan House, Dollar Tree, Giggles and Fun and Salon Village.
The average household income within a 3-mile radius of Ashford Village is $113,979 across an estimated 72,860 households. Among the many high credit quality global organizations that have substantial corporate presences in the area include Chevron, Phillips 66, Honeywell International, Schlumberger, ABB, Emerson Process Management, SABIC, Bechtel and NOV Inc.
Dave Holeman, CEO of Whitestone REIT, said, “By adding Ashford Village to our existing Houston portfolio, we feel we have assembled one of the strongest collections of neighborhood shopping centers in this top performing market. We look forward to continuing to look for opportunities in both Houston and elsewhere in the sunbelt that will further elevate the quality of our portfolio and boost shareholder value.”
Ashford Village is Whitestone’s third acquisition in Houston since 2022. The company acquired Lake Woodlands in late 2022 and Garden Oaks in early 2024.
