Whitestone Renews and Expands Paul’s Ace Hardware as One of its High Quality, E-Commerce Resistant Tenants at Its Fountain...
May 25 2021 - 7:00AM
Whitestone REIT today announced that its “helpful hardware folks”
tenant, Paul’s Ace Hardware, renewed its lease for 10 years and is
expanding its square footage at Whitestone’s Fountain Hills Plaza
property in Fountain Hills, Arizona.
Paul’s Ace Hardware is expanding its store by approximately
4,000 square feet — from 26,287 square feet to 30,646 square feet —
transforming it into one of the largest Ace stores in the Phoenix
Metro Area.
The renewal and expansion of this well-known retail brand and
recently announced new leases in Fountain Hills Plaza supports the
quality of cash flows to Whitestone’s shareholders and helps
guarantee the long-term security of the property. Paul’s Ace
Hardware is joined by Fountain Hills Plaza’s curated mix of other
tenants, including AutoZone, Bashas’ grocery store, Great Clips,
H&R Block, and Verizon Wireless, who provide essential goods
and services to the local community.
“Fountain Hills Plaza continues to be an essential staple
destination for its surrounding communities, providing its area
neighborhoods with a well-rounded mix of eCommerce-resistant
entrepreneurial providers of essential goods and services. The
18-hour, 24/7 traffic patterns, the quality of our properties and
the relationships we have with the surrounding communities we
serve, in turn, helps attract a diverse array of quality tenants
who want to benefit from being in our centers,” said Chairman and
CEO Jim Mastandrea. “Whitestone’s business model of
institutional-quality, open-air, lifestyle-focused properties that
attract customers throughout the day and evening is consistent
throughout our portfolio. This creates enhanced quality of life and
convenience for our surrounding communities and institutional value
for our shareholders on a tenant-by-tenant basis.”
About Paul’s Ace HardwarePaul’s Ace Hardware
was founded by Paul Dauwalder in 1956. It has been in Fountain
Hills since 1973 and has relocated and expanded over the years to
serve the growing community. Today, Julie Buchowski (Paul’s
granddaughter) is acting President of the company and oversees the
operations of the company’s eight stores in Arizona, seven of which
are in the Phoenix Metro Area.
Ace Hardware is the largest retailer-owned hardware cooperative
in the world with more than 5,400 locally owned and operated
hardware stores, including Paul’s Ace Hardware, in approximately 70
countries. For more information, visit acehardware.com or
www.newsroom.acehardware.com.
About Whitestone REITWhitestone is a
community-centered shopping center REIT that acquires, owns,
manages, develops, and redevelops high-quality neighborhood centers
primarily in the largest, fastest-growing and most affluent markets
in the Sunbelt.
Whitestone seeks to create Communities That Thrive through
Creating Local Connections between consumers in the surrounding
communities and a well-crafted mix of local, regional and national
tenants that provide daily necessities, needed services,
entertainment, and experiences.
Whitestone (NYSE: WSR) pays monthly dividends to its
shareholders and it has consistently done so for more than 15
years. Whitestone’s strong balanced and managed capital structure
provides stability and flexibility for growth and positions
Whitestone to perform well through economic cycles. For additional
information, please visit www.whitestonereit.com.
Investor Contact: |
Media Contact: |
Kevin Reed |
Rebecca Elliott |
Director of Investor Relations |
Vice President, Corporate Communications |
Whitestone REIT |
Whitestone REIT |
(713) 435-2219 |
(713) 435-2228 |
ir@whitestonereit.com |
ir@whitestonereit.com |
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/1f139183-4eb1-4643-a28b-3851f2dabdd4
Whitestone REIT (NYSE:WSR)
Historical Stock Chart
From Aug 2024 to Sep 2024
Whitestone REIT (NYSE:WSR)
Historical Stock Chart
From Sep 2023 to Sep 2024