Whitestone REIT Acquires Eldorado Plaza in the Dallas/Fort Worth Metroplex Expanding its E-Commerce Resistant Portfolio in On...
May 09 2017 - 9:08AM
Whitestone REIT (NYSE:WSR) (“Whitestone” or the “Company”) today
announced the acquisition of Eldorado Plaza, a 221,577 square foot,
Trader Joe’s anchored shopping center in McKinney, Texas. The
center is 97% leased and located on I-75, the primary north
arterial route from Dallas, at the north end of the Dallas
“Platinum Corridor.”
The Neighborhood
McKinney, Texas, per Forbes July, 2016 article, The Explosive
Northern Growth of Metro Dallas is one of “two of the nation’s 15
fastest-growing cities…Frisco and McKinney.” In the “Platinum
Corridor,” the north suburban subset of Dallas, McKinney is
surrounded by powerful economic drivers including the new Toyota US
Headquarters, Emerson Electronics, Google, Amazon, Liberty Mutual
and State Farm.
An estimated 191,000 people live within the five-mile radius of
Eldorado Plaza, and the population is estimated to grow by 11.6% to
213,600 by 2022. The average household income of the
population within the five-mile radius of Eldorado Plaza is
$124,000 and the unemployment rate is 2.8%. Eldorado Plaza is
well located to serve the needs of the local community and those
along I-75 with a 124,000 vehicle count per day.
About Eldorado Plaza
Anchored by Trader Joe’s, Starbucks, recently added Henderson
Tap house, Christina’s Mexican Restaurant, and Bed, Bath and
Beyond, Eldorado Plaza also is home to Selerix, a software company
serving the insurance industry.
On 22 acres, the center has redevelopment opportunities as well
as releasing space for upside opportunities to meet the growing
affluent surrounding neighborhood needs. The acquisition also
includes an option to purchase an additional 1.86 acres of
developable land that will give Whitestone the ability to
build an estimated 24,000 square feet of additional leasable space,
based on current plans.
“The investment of this high quality Class A center, in a great
location with strong demographics, will expand our retail leasable
square feet in the Dallas market by 65%, highlighting our ability
to efficiently scale our enterprise-level and market-level
platforms,” said James C. Mastandrea, Whitestone’s Chairman and
Chief Executive Officer.
Mr. Mastandrea added, “The center has a stable cash flow,
anchored by a well-balanced mix of grocery, dining, services and
specialty retail catering to growing affluent families, and upside
from future development.” Mr. Mastandrea concluded, “This
acquisition demonstrates our ability to continue to source and
acquire properties off-market, enabling us to apply our value-add
experience and differentiated business model.”
About Whitestone REIT
Whitestone is a community-centered retail REIT
that acquires, owns, manages, develops and redevelops high quality
“E-commerce resistant” neighborhood, community and lifestyle retail
centers principally located in the largest, fastest-growing and
most affluent markets in the Sunbelt. Whitestone’s optimal mix of
national, regional and local tenants provides daily necessities,
needed services and entertainment to the respective communities
which are not readily available online. Visit
www.whitestonereit.com for additional information.
Contact Whitestone REIT:
David K. Holeman
Chief Financial Officer
Investor Relations (713) 435-2219
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