HOUSTON, May 11, 2018 (GLOBE NEWSWIRE) -- Whitestone REIT (NYSE: WSR ) (“Whitestone” or the “Company”) today announced the signing of new leases at two of its Arizona properties for a total of 32,918 square feet. The new tenants, with total lease value of $2.24 million, add 140 basis points to Whitestone’s Phoenix market occupancy.
“We are pleased to announce more success stories in our Whitestone communities,” said James C. Mastandrea, Whitestone’s Chairman and Chief Executive Officer. “The successful expansion of Hornacek’s Golf into Fulton Ranch Towne Center, located in Chandler, Arizona will help drive greater traffic to all our tenants. This demonstrates our core philosophy in supporting the entrepreneurial spirit of our tenants, who deliver e-commerce resistant services that cater to the needs of the local community. The signing of Ace Hardware at our Gilbert Tuscany Village center, located in Gilbert, Arizona is the culmination of our efforts to transform that location into a true community-centered property. Gilbert Tuscany Village was only 16% occupied when we first acquired it at a cost of approximately $100 per square foot, well below replacement cost. Subsequent to our original purchase of Gilbert Tuscany Village, we acquired a vacant 14,603 square foot pad site, located on the hard corner, from a different seller. The hard corner location will be the new home to Ace Hardware and brings the entire 64,018 square foot center to 100% occupancy. Whitestone continues to execute its proven, value-add, e-commerce resistant strategy to generate stable, predictable cash flow for all of our shareholders.”
Hornacek Golf’s new location in Promenade at Fulton Ranch, will occupy 18,315 square feet and has an initial lease term of five years. Family-owned and operated since 1996, Hornacek’s Golf is a thriving golf retailer currently located at Whitestone’s Pinnacle of Scottsdale location. Hornacek’s Golf offers an interactive retail experience, including practice hitting bays with simulators designed by FORSIGHT SPORTS. The retailer has also integrated a clubhouse restaurant for an immersive in-store golf experience. Hornacek’s is one of the few golf retailers in the United States carrying Parson’s Xtreme Golf (PXG) products. PXG, along with other golf-related concepts like Top Golf and the Long Drive competitions, are introducing the sport to millennials – the most sought after and growing target demographic.
Ace Hardware’s new 14,603 square foot location will be at Whitestone’s Gilbert Tuscany Village property. This will be the fourth location in the Phoenix MSA for Jim Wennersten, an owner and operator for over 21 years, with other locations in Phoenix, Scottsdale and Ahwatukee.
The Gilbert Tuscany Village store will consist of the new, modern day Ace Hardware format, with an inviting neighborhood appeal to the immediate surrounding community. Offering a STIHL Sales & Service Shop, it will carry top brand STIHL lawn and garden equipment; top-rated paint brands Benjamin Moore, Valspar, and Clark+Kensington; as well as well-known grilling and smoking equipment brands Big Green Egg, Traeger Smokers, and Weber. Ace is ranked 7th in the Entrepreneurs Annual Franchise 500 list, and unlike other traditional retailers, is expanding with 152 stores across the United States. With the recent addition of The Grommet, Ace can now offer its innovative products to its consumers both online and in store.
About Hornacek’s Golf Family-owned and operated since 1996, Hornacek’s Golf is a golf equipment store that is recognized as one of the best golf stores by "Ranking Arizona" magazine. Hornacek’s Golf strives for excellence. If you are looking to improve your golf game or to purchase a new set of clubs, Hornacek’s Golf invites you to stop by today!
About Ace Hardware Ace Hardware is your local hardware store and is part of your community. Over 4,924 of Ace's 5,024 stores around the globe are independently owned and operated by local entrepreneurs. These hard working men and women are part of the fabric of your community. They are small business owners who are local and loyal... just like it ought to be. While others have become large and impersonal, at Ace, we've remained small and very personal. That's why we say a visit to Ace, is like a visit to your neighbor.
Ace stores come in all sizes and shapes based on the needs of each individual neighborhood. We have small, urban stores, large rural stores and everything in between. Ace stores offer a wide variety of paint, lawn and garden, tools, business supplies, local niche services and virtually anything you'll ever need to fix, repair and maintain your home or business. And of course, Ace is most certainly the place with the helpful hardware folks!
Founded in 1924 by a small group of Chicago hardware store owners, Ace changed the retail landscape by allowing individual stores to purchase merchandise in bulk to save money and buy at the lowest possible price. This partnership enabled even the smaller stores to compete effectively at retail despite larger stores in their market. And to this very day, Ace Hardware Corporation is still owned solely and exclusively by the local Ace retail entrepreneurs.
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 provide 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. Visit www.whitestonereit.com for additional information.
Forward-Looking Statements Certain 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 rate of return; the Company’s ability to reduce or otherwise effectively manage its general and administrative expenses, including those in connection with the recent proposed nomination of trustees by a shareholder of the Company; 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, including the impact of the Tax Cuts and Jobs Act of 2017; the success of the Company's real estate strategies and investment objectives; 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 (“SEC”) 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 Reed Director of Investor Relations (713) 435-2219 kreed@whitestonereit.com
