HOUSTON, July 19, 2010 (GLOBE NEWSWIRE) -- Whitestone REIT, a Community Centered PropertiesTM real estate investment trust, today announced that Houston Training Schools has signed a lease for 5,547 square feet in the redeveloped Westchase Plaza. A grand opening event is slated for the fall season in their spacious ground floor corner office space. Design and turnkey custom build-out is in the planning stages with Whitestone's construction team.
A photo accompanying this release is available at http://www.globenewswire.com/newsroom/prs/?pkgid=7746
"We have completed a value-add redevelopment project at Westchase Plaza, transforming non-useable and difficult to lease retail space in the elbow of a small, disjointed strip center into a contemporary office space. An open breezeway was enclosed, and a full second floor was created from what had been a partially open mezzanine area by adding structural steel and cement. Expansive glass at the front enhanced an open reception area. As a result, we increased our total leasable space, adding 5,000 square feet of new office space and 1,659 square feet of retail space. An all-new facade in modern colors and stone columns completed the project," said James C. Mastandrea, Whitestone's Chairman and Chief Executive Officer.
"The addition of Houston Training School to the Westchase Plaza tenant mix will enhance traffic to the Center, with an influx of students and beauty service customers," continued Mastandrea. "Driving Traffic, Driving Value is our leasing mantra – our internal leasing team actively seeks out complementary businesses to attract a steady customer traffic stream and cross-referral business into our Community Centered Properties. Our internal management team further drives value in creating an environment that facilitates incubation of our small business tenants, helping them grow."
"We are excited to announce our newest location at Westchase Plaza, and are looking forward to serving the local community as we expand our student base and services to local customers. This unique office location will have an upscale, state-of-the-art interior design, which will appeal to our daytime business retail customers in the surrounding area and the Memorial Villages. Our future students will have an easy commute due to the nearby Westpark Toll Road and the adjacent bus stops," said Carolyn McAllister, HTS President. "The community within Westchase Plaza is a perfect fit for us, with a convenient day care center and luncheon destinations for both students and customers. Our neighboring suite is a banquet room operation that will be excellent to hold Beauty School graduation ceremonies." The HTS lease includes a plan for staged expansion into the second story office space to allow for administrative offices (a call center) or additional classroom space.
About Houston Training School
Serving Houston since 1987, the new location at Westchase will be number five for Houston Training School, where their licensed instructors will offer top-rated courses and clinics in cosmetology, hair shaping and conditioning, manicuring and facials, as well as classes in English as a Second Language. Over 700 students attend HTC classes each year. The school's website is www.houstontrainingschools.net.
About Westchase Plaza
Westchase Plaza is a mixed-use Community Center in the Westchase District of Houston, 3700 S. Gessner Road, conveniently adjacent to the Westpark Toll Road near Westpark Drive. Whitestone recently completed its renovation project of the Center, adding a second floor and all-new office and retail space. Exterior improvements included a new facade in modern colors with stone columns to unify the mixed use and tie a stand-alone pad building to the rest of the center community. The parking lot was resurfaced and traffic flow improved to add parking spaces (5.4:1,000 ratio) and accommodate for mixed-use office and retail spaces. New signage, landscaping and enhanced lighting were added for street appeal. Available retail spaces range from 1,026 to 4,067 square feet. The all-new 6,461 square feet corner office on the second floor is available for customization and build to suit. Drive-by traffic is substantial: 70,000+ vehicles per day traffic count. The Center is adjacent to a large daytime business population (153,959) and large apartment population (64,037). Co-tenants include a day care and banquet facilities, copy & printing center, computer repairs, a bakery and several restaurants.
About Whitestone REIT
Whitestone REIT is a fully integrated real estate company that owns, operates and re-develops Community Centered PropertiesTM, which are well located value-added commercial properties in established or developing culturally diverse neighborhoods. Whitestone markets, leases and manages its properties to match tenants with the shared needs of surrounding neighborhoods. The Company has filed a Registration Statement on Form S-11 with the Securities and Exchange Commission for the offer and sale of a yet unspecified number of common shares. The Registration Statement states that the Company intends to list the common shares on the New York Stock Exchange – Amex with the symbol "WSR." Headquartered in Houston, Texas and founded in 1998, the Company is internally managed with a portfolio of commercial properties in Texas, Arizona, and Illinois. For additional information about the Company, please visit www.whitestonereit.com. The Investor Section of the Company's website has links to SEC filings, news releases, financial reports and investor newsletters.
The Whitestone REIT logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=7293
Forward-Looking Statements
Statements included herein that state the Company's or management's intentions, hopes, beliefs, expectations or predictions of the future are "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995, which by their nature, involve known and unknown risks and uncertainties. The Company's actual results, performance or achievements could differ materially from those expressed or implied by these statements. Reference is made to the Company's regulatory filings with the Securities and Exchange Commission for information or factors that may impact the Company's performance.
