Whitestone Real Estate Investment Trust has acquired Ashford Village, a fully leased shopping center in west Houston. The 81,400-square-foot property was purchased on October 31, according to the Houston Business Journal. The transaction price was not disclosed.
The sellers of Ashford Village were Spencer Hough, Tommy Le of 3 Real Estate Group, and George Giannukos. JLL’s investment sales team, led by John Indelli and Ryan West with analytical support from Dawson Hastings and Max Myers, represented the sellers.
Ashford Village is anchored by Seiwa Market, an 11,000-square-foot Japanese grocery store. Other tenants include Dollar Tree, Book Off, Goldfish Swim School, Giggles and Fun, and Salon Village. Seven out of the center’s fifteen tenants focus on serving Asian consumers. According to JLL, the Asian population in the surrounding area has increased by 23.6 percent since 2010.
Tim Ng, Whitestone’s vice president of acquisitions, said to the Chronicle: “Asian families often migrate outward from Asiatown as incomes rise, with Memorial emerging as a preferred destination.”
Built in 1979 and last renovated in 2014, Ashford Village is located at 1801 South Dairy Ashford Road near major employment centers such as the Westchase District and Energy Corridor. The property is situated along a busy section of Dairy Ashford Road that sees approximately 32,500 vehicles daily.
The limited supply of new retail space in Houston’s west side—due to construction costs and high occupancy rates—has increased competition for stabilized centers like Ashford Village. JLL reported that multiple offers were received for the property before it was officially listed for sale.
This acquisition adds to a series of recent retail property transactions in Houston. On the same day Whitestone closed its deal for Ashford Village, Baker Katz purchased Lakewood Forest Shopping Center. Shortly after that transaction, Continental Realty made its first acquisition in Houston with Commons at Willowbrook.
