Whitestone Improves Tenant Mix of Providence Plaza and the Stability of Cash Flows Despite Retail Headwinds
October 22 2019 - 7:00PM
Whitestone REIT’s (NYSE: WSR) (“Whitestone” or the “Company”)
expertise in crafting the best tenant mix to meet the needs of the
local community providing sustainable cash flow despite the ongoing
retail headwinds is reflected by the recent additions of Sprint,
The UPS Store, Iora Health (Humana), PAE, and the expansion of
Vishala Grocery to Providence Plaza.
Jim Mastandrea, Chairman and Chief Executive
Officer, commented, “The recent bankruptcy of Forever 21 reminds us
that, now more than ever, assembling the right tenant mix and
improving the quality of revenues is imperative. Our ‘e-commerce
resistant’ business model focusing on local and service-based
retail versus the national hard-good retailers continues to prove
its value. Our model has greatly reduced our exposure to the
headwinds affecting others in our space. Quite frankly, we have
barely been affected.”
Mr. Mastandrea added, “As local curators, it is
our passion to understand the communities we are in and customize
our properties to suit the needs of the neighborhood accordingly.
We have invested our time and effort carefully and thoughtfully,
and in doing so, we have built a portfolio of cash flow stability
to reward our shareholders.”
About Providence
PlazaProvidence Plaza is located on Highway 6 South with a
high Vehicle Per Day (VPD) average of 57,000, serving the high
growth community of Sugar Land, Texas. According to WalletHub, it
is one of the fastest growing cities in America. Sugar Land, where
“the American Dreamer meets Americana” is a diverse, upwardly
mobile community which tied for first in the highest population
growth category and also has the highest sociodemographic rank in
the 2019 survey.
www.wallethub.com/edu/fastest-growing-cities The new lineup
will include a local Sprint franchise; PAE Professional Services
LLC, a company that has partnered with the U.S government to
provide immigration application services www.pae.com; a UPS pick-up
and drop-off location; Iora Health Care, a subsidy of Humana
www.ioraprimarycare.com; and Vishala Grocery, an existing tenant
opening a grocery warehouse to serve fresh produce, specialty
Indian grocery items and ethnic delicacies at affordable prices to
its five locations throughout the Houston market. This lineup joins
longtime super-regional fixtures Spec’s Wines Spirits and Finer
Foods, Dollar Tree, local pet care provider Shugrem Grooming,
neighborhood restaurant favorite Isabel’s Kitchen, and health and
beauty supplier Beauty Empire.
About Whitestone REITWhitestone
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 communities in which they are located.
Whitestone's properties are primarily located in business-friendly
Phoenix, Austin, Dallas-Fort Worth, Houston and San Antonio, which
are among the fastest growing U.S. population centers with highly
educated workforces, high household incomes and strong job growth.
For additional information, please visit www.whitestonereit.com
.
Contact Whitestone REIT:Kevin ReedDirector of
Investor Relations(713) 435-2219ir@whitestonereit.com
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