HOUSTON, May 09, 2017 (GLOBE NEWSWIRE) -- Whitestone REIT (NYSE:WSR) (“Whitestone” or the “Company”) today announced the acquisition of Eldorado Plaza, a 221,577 square foot, Trader Joe’s anchored shopping center in McKinney, Texas. The center is 97% leased and located on I-75, the primary north arterial route from Dallas, at the north end of the Dallas “Platinum Corridor.”
McKinney, Texas, per Forbes July, 2016 article, The Explosive Northern Growth of Metro Dallas is one of “two of the nation’s 15 fastest-growing cities…Frisco and McKinney.” In the “Platinum Corridor,” the north suburban subset of Dallas, McKinney is surrounded by powerful economic drivers including the new Toyota US Headquarters, Emerson Electronics, Google, Amazon, Liberty Mutual and State Farm.
An estimated 191,000 people live within the five-mile radius of Eldorado Plaza, and the population is estimated to grow by 11.6% to 213,600 by 2022. The average household income of the population within the five-mile radius of Eldorado Plaza is $124,000 and the unemployment rate is 2.8%. Eldorado Plaza is well located to serve the needs of the local community and those along I-75 with a 124,000 vehicle count per day.
About Eldorado Plaza
Anchored by Trader Joe’s, Starbucks, recently added Henderson Tap house, Christina’s Mexican Restaurant, and Bed, Bath and Beyond, Eldorado Plaza also is home to Selerix, a software company serving the insurance industry.
On 22 acres, the center has redevelopment opportunities as well as releasing space for upside opportunities to meet the growing affluent surrounding neighborhood needs. The acquisition also includes an option to purchase an additional 1.86 acres of developable land that will give Whitestone the ability to build an estimated 24,000 square feet of additional leasable space, based on current plans.
“The investment of this high quality Class A center, in a great location with strong demographics, will expand our retail leasable square feet in the Dallas market by 65%, highlighting our ability to efficiently scale our enterprise-level and market-level platforms,” said James C. Mastandrea, Whitestone’s Chairman and Chief Executive Officer.
Mr. Mastandrea added, “The center has a stable cash flow, anchored by a well-balanced mix of grocery, dining, services and specialty retail catering to growing affluent families, and upside from future development.” Mr. Mastandrea concluded, “This acquisition demonstrates our ability to continue to source and acquire properties off-market, enabling us to apply our value-add experience and differentiated business model.”
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 respective communities which are not readily available online. Visit www.whitestonereit.com for additional information.
Contact Whitestone REIT: David K. Holeman Chief Financial Officer Investor Relations (713) 435-2219