HOUSTON, June 18, 2014 (GLOBE NEWSWIRE) -- Whitestone REIT (NYSE:WSR), a fully integrated real estate company that owns, re-develops, leases, manages, and operates Community Centered PropertiesTM, announced that Walmart Neighborhood Market has opened a 43,619 square foot store in Whitestone's Marketplace at Central property in Phoenix , Arizona. Walmart Neighborhood Market provides area residents a full line of quality value-priced grocery items, with choices including organic and natural selections, as well as local favorite items.
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James C. Mastandrea, Whitestone's Chairman and Chief Executive Officer, said, "The addition of Walmart Neighborhood Market to our Marketplace at Central property enhances the conveniently-located center, where neighboring residents are served by a full array of health, education dining, and services." Mastandrea added, "The revival of this Community Centered PropertyTM is a "case study" of Whitestone's value-add business model. Whitestone purchased Marketplace out of foreclosure for $58 per square foot in the midst of the economic downturn, when the center was only 47% occupied. Walmart Neighborhood Market is an exceptional replacement for the prior grocery anchor at the property, and its addition has brought the property's occupancy to over 90%. Our re-development and re-positioning of the property into a Community Centered PropertyTM has resulted in the addition of both retailers and service-based tenants, all of whom combine to enhance the neighborhood and provide meaningful convenience to the surrounding area." Mastandrea concluded, "We are excited about the opening as it significantly increases the property cash flow through increased rents, stabilizes the property with nearly-full occupancy, and once again demonstrates the Whitestone team's execution of its business model."
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.
