Whitestone Real Estate Investment Trust has acquired Ashford Village, a fully leased shopping center in west Houston, expanding its commercial portfolio in the region to 10 properties. The transaction was finalized on October 31, according to the Houston Business Journal. The financial terms of the deal were 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 in the transaction.
Ashford Village is anchored by Seiwa Market, an 11,000-square-foot Japanese grocery store. Located at 1801 South Dairy Ashford Road, the property spans 81,400 square feet and is currently fully occupied. Other tenants include Dollar Tree, Book Off, Goldfish Swim School, Giggles and Fun, and Salon Village. Seven out of fifteen tenants cater specifically to 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, told the Chronicle: “Asian families often migrate outward from Asiatown as incomes rise, with Memorial emerging as a preferred destination.”
The shopping center was built in 1979 and underwent renovations in 2014. It is situated near major employment centers such as Westchase District and Energy Corridor and fronts Dairy Ashford Road—a route that sees approximately 32,500 vehicles daily.
JLL noted that stabilized retail centers like Ashford Village have become more competitive due to limited new retail development caused by high construction costs and strong occupancy rates. Multiple offers for Ashford Village were received before it was officially listed for sale.
This acquisition comes amid increased activity in Houston’s retail real estate market. On the same day Whitestone closed on Ashford Village, Baker Katz purchased Lakewood Forest Shopping Center—its largest acquisition in three years—and Continental Realty made its first entry into Houston with its purchase of Commons at Willowbrook.
