AmREIT Announces Redevelopment of the Woodlake Square Shopping Center, Houston, Texas

HOUSTON--(EON: Enhanced Online News)--AmREIT, Inc. announces the commencement of the redevelopment of the Woodlake Square Shopping Center, a grocery-anchored, urban in-fill shopping center located at the intersection of Westheimer and Gessner in Houston, Texas.

“2010 Real Estate Manager of the Year”

The project is being developed by a venture between AmREIT sponsored investment partnerships and AEW Value Investors II, a value-added real estate fund sponsored by AEW Capital Management, L.P. AmREIT selected AEW as the equity partner for the redevelopment venture due to its first rate investment platform, understanding of redevelopment and the quality of its people.

The AmREIT sponsored investment partnerships acquired the 20-acre Irreplaceable Corner ™ in 2007 as a redevelopment project. Ron Lindsey, Managing VP-Development for AmREIT, said, “While the buildings in the shopping center had deteriorated and the site plan needed substantial changes, the real estate remained top quality. This intersection has very high household incomes and daytime and nighttime populations. In addition, over 100,000 cars go through the intersection each day. All these factors combined to make this Irreplaceable Corner ™ an excellent candidate for redevelopment.”

Charles Scoville, Senior Vice President & Director of Operations for AmREIT, said, “The redeveloped shopping center will provide a vastly improved shopping experience for customers and offer prospective tenants a rare opportunity to be a part of an urban in-fill grocery- and drug store-anchored shopping center.”

Significant portions of the existing shopping center are being demolished and replaced with new buildings and the balance of the shopping center will be extensively remodeled. The grand opening of the redeveloped shopping center and the new Randalls is set for early 2011. Key features of this 160,000 square foot project are:

A new Randalls “Lifestyle” format store. The existing Randalls is being demolished and will be replaced with a new and larger Randalls “Lifestyle” format store which showcases enhanced service departments, such as floral, produce, deli/food service, bakery, meat and seafood, and emphasizes high-quality perishable products and prepared foods. The new store will be constructed approximately 100 feet further north on the site than the existing store, which will create significant additional customer parking in front of the store. The Randalls pharmacy and the Wells Fargo branch have been temporarily relocated to another building in the shopping center. Randalls President, Paul McTavish, said, “We are happy to be moving forward with this exciting new store. We know that Randalls’ customers and the residents of the area will be very pleased with the improvements and additions offered in their new Randalls Lifestyle store.”

Jos A. Banks will move to a new building in the shopping center and its existing building will be replaced with a Randalls fuel station.

Walgreens will remain in its current location and the building in which it is located will be refreshed. Many of the other tenants will also remain, including, Ragin Cajun, New Image Dental, TFG Cleaners, Merle Norman, S’Home Décor, King Hua Restaurant, Napoli Pizzeria, Memorial Eyecare, Spinal Care, Baubles and Beads, Woodlake Children’s Center, Postal Copy Center, Best Cleaners, and Woodlake Clinic.

Charles Scoville and Ron Lindsey of AmREIT Realty Investment Corp. represented the landlord in the lease negotiations with Randalls.

For leasing information, please contact Charles Scoville or Neal Wade, the leasing associate assigned to the property, at 713-850-1400.

For more information about the redevelopment of Woodlake Square, contact Ron Lindsey, Managing VP-Development for AmREIT at 713-850-1400 or [e-mail].

The introduction to AEW was provided by Peggy Meredith of Colliers International. Construction financing from U.S. Bank National Association was sourced by Nick Gonzales of GRC Capital.

The principal architect for the redevelopment is Marc Boucher of Hermes Architects with Heights Venture Architects as the architect for Randalls.

Tribble & Stephens is the primary contractor for the project and the Randalls store is being constructed by Roche Constructors, Inc.

About AmREIT, Inc.

AmREIT, Inc. is a full service real estate company that focuses on acquiring Irreplaceable Corner™ commercial properties in three of the Top Six major growth markets throughout the United States. For over a quarter of a century, AmREIT has provided its clients and investors with financial transparency, reliability and creation of value for future real estate investment growth. Redevelopment is a key competency of AmREIT for the creation of value.

AmREIT has access to a variety of capital markets including public and private financial companies and institutional investors. The company's platform is composed of Irreplaceable Corners™, primarily in the major Texas metropolitan trade areas, with a combined asset value of approximately $1 billion. For more information, visit www.amreit.com.

About AEW

Founded in 1981, AEW Capital Management, L.P. (AEW) provides real estate investment management services to investors worldwide. Currently, AEW and its affiliates manage approximately $27 billion of capital invested in over $40 billion of property and securities in North America, Europe and Asia (as of June 30, 2010) on behalf of many leading institutional and private investors. The firm actively manages portfolios in both the public and private property markets and across the risk/return spectrum. AEW was recently named “2010 Real Estate Manager of the Year” by Institutional Investor. Award winners were chosen by the editorial staff of Institutional Investor Magazine based on the results of a survey conducted of U.S. institutional investors. The results are based on investor feedback with respect to client service, innovation, investment performance, reputation, and risk management. AEW and its affiliates have offices in Boston, Los Angeles, London, Paris, Singapore and Hong Kong, as well as additional offices in nine European cities. For more information please visit www.aew.com.

Certain of the statements in this press release are “forward-looking statements” for purposes of Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934, and as such may involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of AmREIT, Inc. to be materially different from the future results, performance or achievements expressed or implied by such forward-looking statements. Such forward-looking statements, including statements about the value of, income produced by and effects of purchases by AmREIT, Inc. and the funds it manages and statements about the markets in which AmREIT, Inc. does business, are based on information presently available to management and are subject to various risks and uncertainties, including, without limitation, those described herein and in AmREIT, Inc.’s Annual Report on Form 10-K for the year ended December 31, 2009 under the caption “Risk Factors,” and in AmREIT, Inc.’s other SEC reports and filings, which may include updated and additional risk factors that you should consider. This press release should be read in conjunction with the Company’s financial statements and related footnotes filed with the SEC, including, without limitation, the financial statements and footnotes set forth in the Company’s Annual Report on Form 10K for the year ended December 31, 2009. You should not place undue reliance on forward-looking statements, since the statements speak only as of the date that they are made. AmREIT, Inc. has no obligation and does not undertake to publicly update, revise or correct any of the forward-looking statements after the date of this press release, or after the respective dates on which such statements otherwise are made, whether as a result of new information, future events or otherwise.