Whitestone Reports the Acquisition of Las Colinas Village in Dallas
December 11 2019 - 7:00AM
Whitestone REIT (NYSE:WSR) (“Whitestone” or the “Company”) acquired
Las Colinas Village, a 104,915 square foot center in Las Colinas,
Texas, an upwardly mobile, young professional community of
Irving, Texas along North Dallas’ “Platinum Corridor.” Las
Colinas Village is located on an intersection with a daytime VPD of
187,000 and an average 3-mile radius HHI of $101,000 a year.
Jim Mastandrea, Chairman and Chief Executive Officer, commented,
“Whitestone’s acquisition of Las Colinas Village is another
off-market purchase in the desirable, high growth markets in which
employers and employees alike are moving to. A recent ‘Emerging
Trends in Real Estate 2020’ report by the Urban Land Institute has
Dallas-Fort Worth ranked 6th out of 80 in the ‘Top Markets to Watch
for Investor Demand in 2020.(1)’”
Mr. Mastandrea added, “Las Colinas will be immediately accretive
to earnings and will add value with the pad site development
opportunity, occupancy lease-up potential, and built-in rent
escalators.” Mr. Mastandrea commented further, “Whitestone has a
Dallas regional team in place, who will manage and lease this new
property, along with our other properties, with no additional
overhead, leveraging our existing cost structure, providing
economies of scale.”
About Las Colinas, TX
Las Colinas is home to one of the largest corporate parks in the
country, hosting the corporate headquarters of Fortune 500
companies ExxonMobil, Fluor, Kimberly-Clark, CMC Commercial Metals,
and Celanese. The area continues to see business expansion,
highlighted most recently in late October when Texas Governor Abbot
announced the expansion of Microsoft’s regional hub.
https://gov.texas.gov/news/post/governor-abbott-announces-expansion-of-microsoft-regional-hub-in-irving.
Las Colinas is located in the Dallas-Fort Worth-Arlington MSA,
the fourth largest metropolitan statistical area in the United
States with 2019 projected population of 7.7 million, a 21.6%
increase from 2010 US Census population of 6.4 million. Population
growth is projected to continue at over 1.0% annual growth rate.
The Las Colinas submarket historically has been in the top five
best performing submarkets in the DFW MSA.
Mr. Mastandrea concluded, “Microsoft’s recent investment in its
Las Colinas regional hub is further evidence of the thriving
business-friendly climate in the Dallas-Fort Worth market and high
quality of life of the surrounding neighborhoods.”
About Las Colinas Village
Las Colinas Village is Whitestone’s eighth property acquisition
in its Dallas-Fort Worth market, bringing its total leasable square
feet in the region to approximately 670,000. The property is
currently 85.6% occupied, offering significant upside opportunity
with the potential for additional pad site developments on land
which was included in the original purchase price. Also included
are options to acquire three adjacent non-owned single-tenant
pads.
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 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, visit
www.whitestonereit.com.
(1) Source: ULI 2019
Whitestone REIT Contact:Kevin Reed, Director of
Investor RelationsWhitestone REIT(713)
435-2219ir@whitestonereit.com
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