Signings Underscore the Recovery Strength of the DFW Market
HOUSTON, March 18, 2021 (GLOBE NEWSWIRE) — Whitestone REIT is pleased to announce leasing signings at its Las Colinas Village property in the super-hot Dallas-Fort Worth market.
The signings increase property level occupancy by 9.4%, Dallas portfolio occupancy by 1.5%, and Dallas portfolio NOI by 5.4%.
As the recovery takes a stronger foothold in the broader economy, the Dallas-Fort Worth market has continued its pre-pandemic leadership place among high growth cities despite COVID. A recent Wall Street Journal article, “While Most U.S. Workers Stay Home, It’s Back to the Office for Many in Dallas” highlights the return-to-work rate for offices nationwide and “the Dallas-Fort Worth region has led the country since the start of the pandemic.”
This strength of the market is being witnessed at Whitestone’s properties as well. Las Colinas Village was purchased in December of 2019 — a few months before the pandemic struck, due to its investment characteristics that fit Whitestone’s unique business model; its enviable location in a high-growth market; its close proximity to significant employers; and its significant value-add upside that include a pad site development opportunity, occupancy lease-up potential, and built-in rent escalators.
Las Colinas Village is near one of the largest corporate parks in the country, which hosts the corporate headquarters of Fortune 500 companies ExxonMobil, Fluor, Kimberly-Clark, CMC Commercial Metals, and Celanese. The area continues to see business expansion, highlighted by the October, 2019 expansion of Microsoft’s regional hub.
Whitestone Chairman and CEO Jim Mastandrea commented, “We are pleased to announce these signings at Las Colinas Village. We often say, ‘DRIVING TRAFFIC DRIVING VALUE,’ and when we purchased the property, we knew one of the value-add components to Las Colinas Village was crafting the right tenant mix and improving the quality of revenue for our shareholders. The additions of such locally well-known and respected tenants like CityVet and 9Round will be significant foot traffic drivers going forward now that people are get back into the surrounding offices again.”
“One of the new tenants was attracted to the center because of its location and the welcoming atmosphere of the surrounding community,” CityVet President and CEO, David Boguslawski said. “At CityVet, we believe in happy people and healthy pets. We are looking forward to opening this summer and serving the Las Colinas community by providing the best pet care possible.”
About Whitestone REIT
Whitestone 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 is a monthly dividend paying stock and has consistently paid dividends for over 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.
About Las Colinas Village
Las Colinas Village was Whitestone’s eighth property acquisition in its Dallas-Fort Worth market, bringing its total leasable square feet in the region to approximately 670,000. The property offers significant upside opportunity with the potential for additional pad site developments on land which was included in the original purchase price. Also included are options to acquire three adjacent non-owned single-tenant pads.
In 1999 founder Chip Cannon, DVM, opened the first City Veterinary now known as CityVet in the Oak Lawn area of Dallas, Texas. The goal was to create a great pet care experience for clients by offering the best possible combination of quality care, convenience, and service with a focus to be affordable and available to clients. CityVet is entering its 20th year in business and has grown from 1 practice to 11 CityVet and 2 Ruffit locations in the DFW area, and 1 CityVet in Denver, CO.
9Round has been delivering fast, effective kickboxing style workouts for over 10 years. Founded in 2008 by husband and wife, Shannon and Heather Hudson, in Greenville, South Carolina, the circuit training format provides a killer workout in just 30-minutes. With over 750 locations and 19 countries across the globe, 9Round continues to gain popularity as people search for a workout that they don’t have to schedule their lives around. With no class times and a trainer included with each workout, 9Round makes fitness fun, affordable and accessible. Whether you’re male or female, 19 or 91, 9Round makes you stronger in 30 minutes.
Kevin Reed, Director of Investor Relations