Whitestone Signs 8,061-square-foot Lease with Michael’s of Las Colinas Restaurant in Las Colinas Village
June 29 2021 - 8:00AM
Whitestone REIT today announced it has welcomed Michael’s of Las
Colinas restaurant as a new tenant at its Las Colinas Village
neighborhood center. Michael’s of Las Colinas signed a lease for an
existing 8,061-square-foot restaurant space. Whitestone’s
re-merchandising of Las Colinas Village has added a tailored mix of
new tenants, including Michael’s of Las Colinas, which has
increased revenues by 10.1% and raised occupancy for Whitestone’s
Dallas market to 91%, a 3% increase from end of first quarter 2021.
Michael’s of Las Colinas, owned by well-known local serial
entrepreneur Michael Caldwell, is an open, casual restaurant, bar
and live entertainment venue dedicated to fresh and simple food as
its menu. It is joined by recent additions to Las Colinas Village’s
tailored mix of tenants, including Hudson House, The Irving Bakery,
Jam + Toast, CityVet, and 9Round Fitness, who provide a diverse
range of essential goods and services to the local community.
“We’ve been buying in the Dallas MSA for more than a decade and
continue to look for additional value-add properties in the market,
and Las Colinas, with the strength of its location having a traffic
count of 191,000 vehicles per day and a HHI of greater than
$100,000, was perfectly positioned to upgrade the quality of
revenue by re-merchandising the full tenant mix,” said Whitestone
Chief Executive Officer Jim Mastandrea.
“This is evidenced by the 10.1% increase in revenues from our
recent re-merchandising of our Las Colinas Village property.
“This also highlights our ability to identify, acquire and
re-merchandise off-market acquisition opportunities in desirable
high-growth, high-income markets, per our business model, and
distinguishes our properties as desirable locations for our tenants
and customers, and consistent contributors of institutional value
for our shareholders,” Mastandrea continued.
About Michael’s of Las ColinasMichael's of Las
Colinas was founded by a team of like-minded foodies; a group of
friends who have always liked to eat, drink, and create amazing
food together. This quickly led them to open Michael’s of Las
Colinas, a place where people from all over the Dallas / Ft Worth
metroplex can meet to enjoy special dishes and comfortable
atmosphere. Freshness and creativity are the favorite ingredients.
The menu is varied and designed to provide a superb culinary
experience, and the service is unmatched.
About Las Colinas VillageIn 2019, Whitestone
purchased Las Colinas Village, a 104,915-square-foot center in Las
Colinas, an upwardly mobile, young professional community of
Irving, Texas along North Dallas’ “Platinum Corridor.” Las Colinas
Village is located near the Dallas/Ft. Worth airport. Las Colinas
Village is Whitestone’s eighth property acquisition in its
Dallas-Ft. Worth market, bringing its total leasable square feet in
the region to approximately 670,000.
About Las Colinas, TXLas 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, with as many as 102 major
corporations considering headquarters relocations or expansion to
the Dallas-Ft. Worth area, as recently highlighted by the Dallas
Regional Chamber in the Dallas Business Journal.
Las Colinas is located in the Dallas-Fort Worth-Arlington MSA,
the fourth largest metropolitan statistical area in the United
States. According to the Dallas Fed, recently released census data
show that from July 2019 to July 2020, the metroplex grew by nearly
120,000 people—the largest numerical increase among metro areas in
the U.S., followed by Phoenix and Houston. DFW’s 1.6 percent gain
was ahead of Texas’ 1.3 percent increase last year. Net domestic
migration accounted for 48 percent and international migration for
14 percent of DFW’s population growth, meaning that approximately
205 people moved to DFW every day last year. Though international
migration slowed due to the ongoing pandemic, domestic migration
strengthened from 2019. DFW is the fourth-largest metropolitan
statistical area in the U.S., with a population of nearly 7.7
million in 2020. Since 2010, DFW has added 1.3 million
residents.
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: |
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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 |
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