HOUSTON, June 24, 2014 (GLOBE NEWSWIRE) -- Whitestone REIT (NYSE:WSR) ("Whitestone"), a fully integrated real estate company that owns, operates and redevelops Community Centered PropertiesTM, announced that occupancy at its Market Street at DC Ranch Property increased 6% to 86%, up from 80% when the property was purchased in December 2013. The increase is the result of signing eight new leases totaling approximately 15,000 square feet.
Two additional dining options will be added to the property, Jalapeno Inferno Restaurant and The Living Room Wine Cafe & Lounge, as well as Paradise Medspa, DC Ranch Community Medicine, GoldenHawk Financial, Pavoreal Interiors, Lindsey Schultz Design and DC Dance AZ. All of our new tenants were selected to serve the needs of the community providing grocery and dining, education, health & wellness, and services. Leases for these tenants have been signed and the locations will be opening in the coming months.
Additionally, Safeway, the Center's grocery anchor has committed to a $500,000 investment in its store to enhance the shopping experience for its customers.
Market Street was acquired in December, 2013, and includes a Safeway Grocery and Fleming's Steak House, Grimaldi's Pizza, Wells Fargo and MidFirst Bank wealth management offices, McCormick & Co., and Edward Jones, among the nationally recognized tenants; and, other locally recognized tenants that include Market Street Kitchen and Herb Garden restaurants, and a number of others.
James C. Mastandrea, Whitestone's Chairman and Chief Executive Officer, said, "The second location of Scottsdale's renowned Jalapeno Inferno Restaurant in a Whitestone Community Center demonstrates a key aspect of our business model – expanding our tenants to profitably build their businesses by meeting the needs of residents in the surrounding communities. Their success is our success."
Mastandrea added, "We are excited to bring additional new tenants so quickly to Market Street and will be working to have them open for the 2014-15 season. Market Street demonstrates the ability of our value-add business model to create NOI and cash flow." Mastandrea concluded, "As we continue to gain traction in our newest region, Phoenix, we expect to expand in other markets in Texas.
About Whitestone REIT
Whitestone REIT (NYSE:WSR) is a fully integrated real estate investment trust ("REIT") that owns, operates and redevelops Community Centered PropertiesTM. Whitestone focuses on value creation in its community centers, concentrating on local service-oriented tenants that comprise approximately 70% of its tenants. Whitestone's diversified tenant base provides service offerings including medical, education, casual dining, and convenience services. The largest of its 1,225 tenants comprised less than 1.9% of its annualized base rental revenues as of March 31, 2014. Founded in 1998, the Company is internally managed with a portfolio of 60 commercial properties in Texas, Arizona, and Illinois. For additional information about the Company, please visit www.whitestonereit.com.