Whitestone REIT (NYSE:WSR) (“Whitestone” or the “Company”)
announced the 100% lease up completion of a pad site at Fulton
Ranch Towne Center property in Chandler, Arizona. Producing
attractive financial rewards for Whitestone shareholders, the
development results in a stabilized NOI of $263,000, an unlevered
return on total cost of 8.8%, and contributes a 16.7% increase of
NOI to the center.
About Fulton Ranch Towne CenterPurchased in
2014 at a 7.4% cap rate, the property included vacant land that
Whitestone earmarked for development. A four mile drive to Intel’s
Ocotillo Campus, it is located in Maricopa County, the fastest
growing county in the country for the third consecutive year (1).
Situated across the street from Arizona’s largest high school and
on an intersection that has an average vehicle per day (VPD) of
approximately 35,000 and a 1-mile average household income (HHI)
level in excess of $163,000 and is projected to grow to $185,000 by
2024 (2).
About the Pad SiteJoining us at the property
are Costa Vida, Jersey Mike’s, and Egg & Joe. Fulton Ranch
Towne Center currently offers several regionally and nationally
recognized operators, including Verizon Wireless, Old Chicago,
Bahama Buck’s, PETCO, Lowes Home Center, and Aqua Tots Swimming
School.
Jim Mastandrea, Chairman and Chief Executive Officer, commented,
“The Fulton Ranch development pad, acquired with the Fulton Ranch
Towne Center, proves innovative, scalable and sustainable and
compliments our ‘e-commerce resistant’ business model. Our
investment in the development was approximately $3.0 million of
added real estate, which capped at a 6.4% cap rate (3) creates over
$4.1 million of market value for our shareholders.”
Mr. Mastandrea added, “Given Fulton Ranch Towne Center’s
desirable location, developing a pad site that brings additional
convenience and service to the growing neighborhood was by design.
Providing a place for families to gather and creating communities
within our properties is quite honestly what we love to do, and
what we do best.”
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, visit www.whitestonereit.com.
About Intel Intel (NASDAQ: INTC), a leader in
the semiconductor industry, is shaping the data-centric future with
computing and communications technology that is the foundation of
the world’s innovations. The company’s engineering expertise is
helping address the world’s greatest challenges as well as helping
secure, power and connect billions of devices and the
infrastructure of the smart, connected world – from the cloud to
the network to the edge and everything in between. Find more
information about Intel at newsroom.intel.com and
www.intel.com.
About Costa Vida Costa Vida Fresh Mexican Grill
is a proven, rapidly growing fast-casual Mexican restaurant
franchise that is expanding throughout the U.S. With nearly 100
units open, it has a proven concept as a successful restaurant
brand and as a franchise opportunity. For more information, please
go to www.costavida.com.
About Jersey Mike’sJersey Mike's Subs is an
American submarine sandwich chain headquartered in Manasquan, New
Jersey. The Jersey Mike's franchise has almost 1,504 locations open
and about 124 more in development across the United States, in
addition to three locations in Queensland, Australia and two in
Ontario, Canada.
(1) Source: US Census 2019(2) Source:
ESRI, as of September 23, 2019.(3) Source: CoStar,
Chandler, AZ Retail Submarket Report as of September 12, 2019.
Forward-Looking StatementsCertain statements
contained in this press release constitute forward-looking
statements within the meaning of Section 27A of the Securities Act
of 1933, as amended (the “Securities Act”) and Section 21E of the
Securities Exchange Act of 1934, as amended (the “Exchange Act”).
The Company intends for all such forward-looking statements to be
covered by the safe-harbor provisions for forward-looking
statements contained in Section 27A of the Securities Act and
Section 21E of the Exchange Act, as applicable. Such information is
subject to certain risks and uncertainties, as well as known and
unknown risks, which could cause actual results to differ
materially from those projected or anticipated. Therefore, such
statements are not intended to be a guarantee of our performance in
future periods. Such forward-looking statements can generally be
identified by the Company's use of forward-looking terminology,
such as “may,” “will,” “plan,” “expect,” “intend,” “anticipate,”
“believe,” “continue,” “goals” or similar words or phrases that are
predictions of future events or trends and which do not relate
solely to historical matters.
The following are some of the factors that could cause the
Company's actual results and its expectations to differ materially
from those described in the Company's forward-looking statements:
the Company's ability to meet its long-term goals, its assumptions
regarding its earnings guidance, including its ability to execute
effectively its acquisition and disposition strategy, to continue
to execute its development pipeline on schedule and at the expected
costs, and its ability to grow its NOI as expected, which could be
impacted by a number of factors, including, among other things, its
ability to continue to renew leases or re-let space on attractive
terms and to otherwise address its leasing rollover; its ability to
successfully identify, finance and consummate suitable
acquisitions, and the impact of such acquisitions, including
financing developments, capitalization rates and internal rates of
return; the Company’s ability to reduce or otherwise effectively
manage its general and administrative expenses; the Company’s
ability to fund from cash flows or otherwise distributions to its
shareholders at current rates or at all; current adverse market and
economic conditions; lease terminations or lease defaults; the
impact of competition on the Company's efforts to renew existing
leases; changes in the economies and other conditions of the
specific markets in which the Company operates; economic,
legislative and regulatory changes, the success of the Company's
real estate strategies and investment objectives; litigation risks;
the Company's ability to continue to qualify as a REIT under the
Internal Revenue Code of 1986, as amended; and other factors
detailed in the Company's most recent Annual Report on Form 10-K,
Quarterly Reports on Form 10-Q and other documents the Company
files with the Securities and Exchange Commission from time to
time.
Readers are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date of this
press release. The Company cannot guarantee the accuracy of any
such forward-looking statements contained in this press release,
and the Company does not intend to publicly update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise.
Contact Whitestone REIT:Kevin ReedDirector of
Investor Relations(713) 435-2219ir@whitestonereit.com
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