Whitestone REIT, an internally managed REIT with 36 commercial properties primarily in Houston, postponed its IPO on Wednesday because of poor market conditions. The Houston, TX-based company was founded in 1998 and booked $32 million in sales for the 12 months ended June 30, 2009. Wunderlich Securities and Ladenburg Thalmann & Co. were set to be the lead underwriters on the deal. Whitestone had planned to raise $50 million by offering 3.3 million Class B shares at a price range of $14-$16; it was the third REIT to postpone its IPO this year.
